What is the definition of Accelerated Death Benefits?

Accelerated death benefits are a portion of the death benefits given even before the insured person dies.

Usually, death benefits are given when an insured person dies. However, there is an option that people can take so that they can benefit from a portion of the death benefit even when they are still alive. This is when the insured person is diagnosed of a terminal illness, requires extreme medical care or is admitted into a nursing home. The purpose of Accelerated Death Benefits is to help the insured person get the necessary funds that he needs in order for him to prolong his life.

The list of the illnesses covered under accelerated death benefits are specified in the insurance contract. Once he shows the company proof that he is diagnosed with an illness that is covered by the Accelerated Death Benefits, the company will give a portion of the death benefit. When the insured person dies, the remaining balance of the death benefit is paid to his beneficiaries.

• Businessowners Policy / BOP
• Competitive State Fund
• Excess and Surplus Lines
• Employer’s Liability
• Blanket Insurance