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This can often be included in your policy. You'll need a terminal diagnosis, with a life expectancy between 6-24months (the exact timeline may vary depending on your insurer).

Long-term care benefits. You can add a permanent life insurance policy with a long-term care benefit. This allows you to access the death benefit to pay for long-term care expenses not covered by your health plan. The long-term benefits you receive reduce the death benefit. This is a significant benefit that you can have, considering that 75% of 65-year-olds today will require long-term health care.

Policy loan. You will be charged interest if you borrow against your permanent policy. However, it is usually less than other lenders' interest. There won't be any credit checks or restrictions.

an accelerated living benefit rider in a life insurance policy —

You have one main reason for purchasing life insurance. It is to ensure that your loved ones receive funds after you pass. That's only a part of the story.

Rider for terminal illness:

Life insurance riders are added to a life insurance policy that provides living benefits. These are also known as accelerated funeral benefits. They're available on both permanent and temporary life insurance policies.

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You may be able to add certain living benefits riders automatically to your life insurance policy without paying an additional fee. To be eligible, you will need to prove your illness. However, if you can do so, you might be able to withdraw up to 80% of your policy proceeds to pay your expenses.

A chronic illness rider

Life insurance policies provide financial security for your loved ones during your death. Life insurance policies that include living benefits can be used to gain some of the death benefits even if you are still alive. These riders are optional.

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Some policies allow you to access cash value and accelerate your death benefit while you're still alive. These are often referred to as "living benefits" and may be the most well-kept secret in life insurance. You might find yourself in unexpected situations, so having an additional source of income could be a great help.

For a $500,000 20-year term policy, a 35-year-old smoker without complicated health issues could pay $25-30 per month. The policy would include a terminal illness rider. The same person would be much more if they added long-term care riders.

The policy's death benefit can be used to pay living benefits, which allow the insured to get money while they are still alive. These funds can be used for medical, hospice, nursing home, or in-home caretaker expenses.

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Long-term care (LTC) rider:

Long-term care (LTC) rider:

Critical illness rider

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You can get accelerated death benefits. This living benefit covers a portion if you become ill and will pay out part of your term-life policy. This provides cash for debt repayments and medical expenses. Many people use these funds for their dream vacations or other special memories. This living benefit is available in four ways:

The chronic illness rider:

Living benefits protect your loved ones from being held responsible for these costs if you don't have the money to support your end-of-life care. Your gifts will reduce the lump sum payment for your beneficiaries. Therefore, you'll need to decide how much to use.

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Premium waiver for people with disabilities This living benefit allows you not to pay premiums if you are disabled for more than six months. Although this is not an actual cash benefit, it can still be precious as you have a three-in-10 chance of being disabled, which will keep you out of work for more than 90 days.

No additional fee or living benefits can be added to your life insurance policy. Term life policies include a terminal disease rider that is included for free. Ask your insurance agent about any charge, critical illness, and chronic illness riders.

Chronic illness rider

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