Living Benefits also known as  Accelerated Benefit Riders is life insurance proceeds paid to the policy holder before a loved one dies. This helps to ensure family members don’t have to carry the entire financial responsibility. It’s important to remember don’t have to pass away to receive the cash benefit from your policy, given your current situation fits into one of three categories: chronic illness, critical illness or terminal illness.

The one or more accelerated benefits riders attached to your policy permit the policy owner to receive a portion of the insured person’s life insurance benefit under the policy due to a qualifying critical, chronic, or terminal illness during the insured person’s lifetime, which is subject to policy terms and conditions.

Quality of Life Insurance and Chronic Illness
To qualify for a chronic illness, you would need to be certified by a licensed health practitioner in the last 12 months with a qualifying illness or physical condition that would prevent you from performing at least two “Activities of Daily Living”, without substantial assistance or requires substantial supervision from another person to protect the Insured Person from threats to health and safety due to cognitive impairment.

The Activities of Daily Living are:

• Eating
• Bathing
• Dressing
• Toileting
• Walking
• Continence

Quality of Life Insurance and Critical Illness
A critical illness is a sudden and severe illness or physical condition covered under the rider. Some examples of these types of ailments include, but are not limited to, major heart attack (heart attack in certain states), stroke, invasive cancer and paralysis.

Quality of Life Insurance and Terminal Illness
A terminal illness is an illness or physical condition diagnosed and certified by a physician to be reasonably expected to result in your death within 24 months from the date of certification.