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.
What will happen to your family when you die? Would they be provided for? Life Insurance is the solution and we can help. Compare Multiple Quotes from Highly Ranked Carriers and Save up to 70%! Getting your quote is easy and FREE. Click Here And Save
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.
Some insurance companies offer the benefit as part of a policy, with the additional charge built into the death benefit cost. Others make the benefit a rider, also for an additional charge.
Accelerated payments made to the beneficiary can be made in monthly installments or in a lump sum, depending on the company.
Upon the death of the recipient, or policy owner, the balance due goes to the beneficiary.
At the time of deciding whether or not to take cash from your policy careful consideration should be given as to whether or not the balance is sufficient to fulfill the needs of your loved ones, like your final expenses.
Another consideration to give your attention is the effect these benefits will have on Medicaid. The receipt of these payments may be considered income and might affect Medicaid eligibility.
The tax implications should also be given ample consideration. It is, at this time, unknown whether these accelerated death benefit payments will be taxable or not. Bear in mind that life insurance proceeds are usually exempt from tax by the Federal Government.
Want to protect your family with life insurance? Take a Free look at Top Quality Life Insurance Quotes from a Highly Rated Carrier and Save. Click Here For More Info
Life Insurance Quotes Life Insurance Settlement Accelerated Death Benefit Viatical Settlements Investments Viatical Settlements Cashing A Life Insurance Policy Selling A Life Insurance Policy 5 Year Term Life Insurance 10 Year Term Life Insurance 15 Year Term Life Insurance 20 Year Term Insurance 25 Year Term Life Insurance 30 Year Term Life Insurance Whole Life Insurance Rate Quote Universal Life Insurance Variable Universal Life Insurance Variable Life Insurance Quote Variable Annuities Long Term Care Disability Insurance Quote Affordable Life Insurance Rate Anuities Charitable Giving Decreasing Term Life Insurance Quotes Do You Really Need Life Insurance Free Term Life Insurance Quote How Much Life Insurance
Should life insurance buying be seen as an urgent matter? There is something about some people that at times may cause them to procrastinate about matters that could end up being quite costly...
Let us talk affordable term insurance. You want a policy that can fit into your budget, right?
It can be a very satisfying feeling when you become aware of the advantages of whole life insurance for the first time.
The best term life insurance rate can be quite easily found on the internet today because web insurance companies have done intense research on behalf of the consumer.
I recently did some research on the development of the 30 year term insurance policy over the years. What I learned was quite interesting.