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Life Insurance with Living Benefits

Many Life Insurance policies come with living benefits.  That means that you can access some of the Death Benefit while you are still living.  You will usually see these benefits offered as riders on Universal Life Policies, but some Term Policies now include some form of living benefit.

No Cost Living Benefits

Most Term and Universal Life policies now come with a free terminal illness accelerated benefit rider.  If you are diagnosed with a terminal illness that will result in your death within 12 months, the insurance company will pay you some percentage of your death benefit. 

Some insurance companies offer a return of premium rider at no cost on Universal Life policies.  This rider gives you an option at certain points in the life of the policy to surrender the policy and have all premiums paid refunded.  This option usually requires that you keep the policy in force for 20 - 30 years.  Symetra, United of Omaha, and American General are just a few of the insurance companies offering this rider at no additional cost.

Additional Cost Living Benefits

Many Universal Life policies are now offering riders that allow you to accelerate the death benefit in the event that you have a critical or chronic illness or need long term care you can access the death benefit in specified amounts.


For critical illness, such as a cancer or heart attack, you may get a one time payment of $25,000. For chronic illness, where you are unable to perform normal everyday tasks without assistance, you maybe able to access as much as 2% of the death benefit each month until the benefit is reduced to zero.  Each policy is different, and we understand each one.

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