Life insurance living benefits refer to features or riders that allow policyholders to access a portion of their life insurance benefits while they are still alive. These benefits are typically available in situations where the insured faces serious health challenges or other significant life events. Here are the key aspects:

1. Accelerated Death Benefit (ADB): This is the most common type of living benefit. If the insured is diagnosed with a terminal illness and has a life expectancy of 12 to 24 months (depending on the policy), they can access a portion of the death benefit to cover medical expenses or other needs.

2. Chronic Illness Rider: This rider allows the insured to access benefits if they become chronically ill and are unable to perform at least two of the six activities of daily living (ADLs), such as bathing, dressing, or eating, without assistance.

3. Critical Illness Rider: If the insured is diagnosed with a specified critical illness (like cancer, heart attack, or stroke), this rider allows them to receive a portion of the death benefit. The payout can help cover medical treatments, recovery expenses, or other financial needs.

4. Long-Term Care Rider: This rider provides benefits if the insured requires long-term care services, such as in a nursing home or assisted living facility. The benefit can help cover the costs of care without depleting the death benefit intended for beneficiaries.

5. Cash Value Access: For permanent life insurance policies like whole or universal life, the policyholder can access the policy's cash value through loans or withdrawals. This can be used for various needs, such as funding education, buying a home, or supplementing retirement income.

Advantages: Living benefits offer financial flexibility and security during challenging times, allowing policyholders to use their insurance for immediate needs rather than waiting until death.

Considerations: Accessing these benefits will reduce the death benefit available to beneficiaries and may have tax implications. Policyholders should carefully review their options and consider the impact on their overall financial plan.

• Estate Creation & Conservation

• Succession Planning

• Portfolio Reviews

• Asset Growth for Future Generations

• Business Succession

• Social Security

• Enhancement of Financial Goals

• Legacy Protection

• Philanthropic Planning

• Tax Strategies

• Assessing tax liability

• Using tax-favored strategies to keep more income rather than giving it to Uncle Sam

• Understanding the benefits of tax-deferred, tax-exempt and tax-reduction strategies