Living benefits term is life insurance you don’t have to die to use. Living Benefits term life insurance can make one or more cash payments to you while you are still alive and then pay your family a death benefit when you die.
The payments you receive from a living benefits term life insurance policy may be used for any purpose and are not restricted to any illness or injury related expense.
What are the benefits of cashing out the policy death benefit?
The benefit of receiving an advance payment from the life insurance policy’s death benefit while you are still alive is that your life insurance plan can be carried out by you and not left to someone else.
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Living benefits term life insurance enables you to execute your own life insurance plan while you are still alive.

Having a good life insurance plan allows you to deliver the hopes and dreams you have for your loved ones. A life insurance plan should enable you to accomplish your objectives for the use of the life insurance death benefit. One way to achieve the outcome of your life insurance plan is to create a life insurance trust for the benefit of your loved ones.
A life insurance trust may contain specific instructions for the use of the policy’s payable amount, (the death benefit). Life insurance trust may be set up to pay income to your loved ones for a specified amount of time, pay off debts such as a home mortgage, send kids to college or give your loved ones a large, one-time cash payment.
Similarly, living benefits term life insurance may enable you to personally oversee how your life insurance death benefit is used. Since you have the option to receive part of the death benefit, you can choose to use the money as you see fit.
Living benefits term life insurance money can be used to provide you with income, at a time when you may not be able to work. The income you receive can sustain you and your family’s housing needs, pay everyday living expenses and health care cost.
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Living benefits term life insurance gives you early access to the life insurance policy death benefit, without any restrictions on how you can use the money.

Qualifying for Living Benefits Life Insurance
Qualifying to receive an upfront (or accelerated) payment of the living benefits life insurance death benefit means satisfying one of the following requirements.
Critical illness- such as heart attack or disease, cancer, stroke and a list of other medical impairments which can be found in the policy.
Chronic illness- means to be unable to perform some activities of daily living. Activities of daily living are things like getting in and out of bed, going to the bathroom to use the toilet and bathing, changing your clothes, and continence.
Terminal illness- means that you have an illness or injury that is expected to result in death, as certified by a licensed medical doctor, within 12 months. Depending on where you live, the period may be up to 24 months.