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A life insurance policy can provide financial safety for your family should you die. Optional riders allow you to get some of your death benefits while you're still alive through life insurance policies with living benefits.

Premium waiver for disability. If you have a long-term disability, this living benefit allows you to skip premium payments. Although it is not a cash benefit, it can be a useful option as there's a 3 in 10 chance that you will face a disability that prevents you from working for 90 days or more at some point in your career.

Premium waiver in the event of disability If you have a permanent disability lasting six months or more, you can get your premiums waived. This benefit is not a cash benefit. However, it is an option that can make your life easier.

Long-term care benefits. A long-term-care gift can be added to your permanent insurance policy. It allows you to tap into your death benefit to pay long-term expenses that your medical insurance doesn't cover. The amount that you use for long-term benefits reduces your death benefit. It is a valuable benefit to have as a living benefit considering that 70% of people who turn 65 today will need long-term assistance.

A living benefit rider provides additional protection and benefits on your primary policy. When you have specific requirements, a rider will come in handy. You can customize your policy with a rider.

The policy's death benefit can be used to pay living benefits, which allow the insured to get money while they are still alive. These funds can be used for medical, hospice, nursing home, or in-home caretaker expenses.

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Standard is the option to add a life benefits rider to your initial purchase of life insurance. Many policies come standard with at least one living benefit rider. This could be a terminal condition.

You can also get your death benefit through a "critical disease rider," which lets you access your death benefits if you suffer from a particular illness or condition.

Although life insurance is generally beneficial to your loved ones upon your death, it can also benefit them (and yourself) during the time before you die through living benefits.

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The advanced amount is typically subtracted from the total amount your beneficiaries receive upon death.

Life insurance policies may offer living benefits without extra charges. Term life policies usually include a terminal illness rider for no additional charge. Ask your agent whether there are charges for critical illness, chronic illness, or other riders.

You can get cash value or an acceleration of the death benefit with some policies while you are still alive. These options are commonly referred to as "living benefits" and could be the best-kept secrets of life insurance. Consider the times in your life that surprise you. Having an additional source would be very helpful.

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A living benefits rider can be added to your policy when you buy it. Many policies include at minimum one living benefits rider, such as a terminal diagnosis.

A 35-year-old nonsmoker could pay as little as $25-30 per Month for a $500,000 policy (20-year) with a terminal illness rider. This same person could pay significantly more if they added a long-term care rider.

A $35-year-old non-smoker with no complex health problems could pay as low as $25-30 per month for a $500,000, 20-year term insurance policy that includes a terminal illness rider. This same person would pay significantly higher if they added a long-term care rider.

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Living benefits enable the insured to take money out of the policy's benefit upon death while still in good health. These funds may cover expenses related to terminal and chronic illness. There is a tradeoff: accessing living benefits may reduce your beneficiaries' death benefit.

It allows you to access your benefit if you have a chronic illness that prevents at least two of six Activities of Daily Living (ADL). These include eating, bathing and dressing, toileting, transferring, and continence.

Terminal illness rider

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Living benefits are life insurance that allows you to get some of your death benefits while you live, often due to serious illness.

Living benefits riders can be automatically added to your life insurance policy at no additional cost. To qualify, your medical condition must be proven. However, you may still be able to withdraw up to 80% of your policy proceeds to cover your expenses.

No additional fee or living benefits can be added to your life insurance policy. Term life policies include a terminal disease rider that is included for free. Ask your insurance agent about any charge, critical illness, and chronic illness riders.

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