What is an accelerated death benefit? If you should become seriously ill you may accumulate some very large medical expenses. Some life insurance companies have made it possible to collect an accelerated death benefit during your lifetime if such a condition should arise. What these companies are doing is allowing the insured to collect part of their death benefits before they die.
These benefits are paid under certain conditions, like the onset of a medically incapacitating condition, the diagnosis of a terminal illness, the need for long-term care or confinement to a nursing home.
This idea is fairly new and approximately 200 life insurance companies offer this benefit, but, as with any new product there are many variations in design.
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