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Life Insurance Glossary: Terms To Know

Accelerated Death Benefit/Living Benefit

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An accelerated death benefit (also known as a "living benefit") provides for payment of all or a portion of the death benefit to a living insured who has a shortened life expectancy as a result of a medical diagnosis.

The amount of the payout varies from company to company.

So does the amount of time the insured is expected to live.

An accelerated death benefit can be an important source of cash while you're alive.

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