Understanding Life Insurance with Living Benefits: What You Need to Know
Life insurance traditionally offers financial protection to beneficiaries after the insured person’s death. However, certain policies now include features that provide value during the insured’s lifetime. These are known as living benefits, and they represent a meaningful evolution in life insurance coverage. Living benefits allow access to funds during critical or chronic illness, providing support when it’s needed most. Let’s explore how these living benefits work and why they can be an important part of a well-rounded life insurance strategy. What Are Living Benefits? Living benefits allow policyholders to access a portion of their life insurance death benefit while still alive under specific conditions. These conditions often include chronic illness, critical illness, or terminal diagnosis. Accessing these funds can help cover medical expenses, long-term care, or other financial needs that arise during difficult times. For those seeking comprehensive coverage, the best life insuran...