Living benefits
Life insurance you can use while living
A serious diagnosis can release part of your death benefit early. Use it for treatment, for bills, or wherever it’s needed most.
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Your death benefit,available early
A living benefit is a rider added to a life policy. If you meet the conditions it defines, part of the benefit is paid to you while you’re living.
Sudden medical bills
Helps with the treatment costs health insurance doesn’t fully cover.
When income stops
Fills the gap while you take time off for treatment.
Keeping home steady
Covers the mortgage and fixed bills so your family isn’t shaken.
Three kinds
- Critical
Critical illness rider
A diagnosis named in the contract, such as cancer, heart attack, stroke, major organ transplant or end-stage renal failure, releases part of the benefit as a lump sum or in installments.
- Terminal
Terminal illness rider
A life expectancy of generally 12 or 24 months or less releases a substantial share of the benefit, so the time left can be spent the way you choose.
- Chronic
Chronic illness rider
Being unable to do two of the six activities of daily living (such as bathing or dressing) for 90 days or more, or a diagnosis of severe cognitive impairment, releases part of the benefit regularly or as a lump sum.
A chronic illness rider is not long-term care insurance. Covered conditions, triggers and amounts vary by carrier and product, and tax treatment and state rules can differ.
Does your policy have it?
Many people don’t know whether their life policy includes living benefits. Send me your policy and I’ll review it for free, tell you what’s in it, and help you find anything missing.
Questions people ask
What happens to the death benefit if I use it?
Whatever you receive early is subtracted from the death benefit. Some carriers also apply a discount or fee to the early payment, so we’ll confirm the actual amount before you claim.
Is this the same as long-term care insurance?
No. A chronic illness rider lets you use part of your death benefit early when you need care, while long-term care insurance is a separate policy built for care costs. Payouts, limits and tax treatment can differ, so I compare the two side by side.
Can I spend the money on anything?
In most cases there’s no restriction, so it can go to treatment, living costs or care. Payout conditions vary by product, and I’ll check them against your contract.
Does it cost extra?
It depends on the product. Some include it at no added premium, some charge for the rider, and some deduct a cost when you claim. I’ll compare the terms across carriers for you.
Can I add it to a policy I already have?
Riders are usually added when the policy is issued, so adding one later is often not possible. Send me your policy and I’ll check for free whether it’s already there.
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신현인 Sam Shin
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