Term Life Insurance with Living Benefits

Term life insurance with living benefits is a newer type of coverage that pays out while you're still alive if you're diagnosed with a qualifying serious illness.

What Are Living Benefits?

Living benefits — also called accelerated death benefits or "living benefit riders" — allow you to access a portion of your death benefit early if you're diagnosed with:

• Critical illness: heart attack, stroke, cancer, organ failure, etc.
• Chronic illness: inability to perform 2 of 6 Activities of Daily Living (ADLs) for at least 90 days
• Terminal illness: life expectancy of 12–24 months or less

How Much Can You Access?

Depending on the carrier and diagnosis, you may be able to access 25–100% of your death benefit. The amount accelerated reduces your remaining death benefit.

Why This Matters

Critical illness is far more survivable today than it was a generation ago — which means you're more likely to live through a heart attack or cancer diagnosis. Living benefits provide financial support when you need it most: during recovery, when medical bills are high and you may be unable to work.

Cost

Many carriers include living benefits at no additional premium — it's built into their term policies. Peter can identify which carriers offer the strongest living benefit provisions.