Living Benefits

Importance: 0.57

Is a company: no

Is a proper noun: no

Synonyms

  • advance death benefit
  • early death benefit
  • accelerated death benefits

Definition of Living Benefits

  1. A provision available in some life insurance policies where the insured can receive some or all of their benefits before they die. Also known as "accelerated death benefits", living benefits can be paid out, in some cases, to policyholders who have been diagnosed with a terminal or catastrophic illness, or with an illness that requires long term care.

Related Terms and Acronyms

  • Dread Disease Rider Definition,
    • Insurance that provides a benefit if the policyholder is diagnosed with an illness that is deemed serious or terminal.
  • Life Insurance Definition, Very Important,
    • An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
    CanEquity offers life insurance.
  • Surrender Rights Definition,
    • The contractual right for a life insurance or annuity policyholder to cancel his or her policy.
  • Surrender Charge Definition,
    • A charge levied when a life insurance policyholder cancels his or her policy.
  • Benefit Period Definition,
    • The total period of time where an insurer is contractually obligated to pay benefits.
  • Viatical Settlement Definition,
    • A contract where an individual agrees to sell his or her life insurance policy to a third party before their death.
  • Policy Loan Definition,
    • A loan where a life insurance policyholder's death benefit is used as collateral.
  • Home Care Definition,
    • Medical and/or non-medical care provided directly in a person's home.
  • Burial Insurance Definition,
    • Insurance that provides coverage for funeral expenses.
  • Death Benefit (DB) Acronym, Very Important,
    • A payment or series of payments made to the beneficiaries of a life insurance policy.
    An amount paid to a beneficiary in a life linsurance policy.
  • Disease Management (DM) Acronym, Important,
    • The process of discussing and agreeing to treatments and care plans for individuals with long-term health care needs.
    Heath care decisions made to manage a disease.
  • Accelerated Benefit Option Definition,
    • An option that allows the insured to receive insurance benefits before they would ordinarily be available.
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