Often, we fail to utilize our rights due to ignorance and then lose out on many beneficial things. Such is the case with life insurance. While many people must have heard about life insurance and what it offers, some still have no idea that payment not only occurs after the death of the insured individual but can be received even when that individual is still alive. However, this offer which is called an accelerated death benefit isn't offered by all insurance companies. What Is "Accelerated Death Benefit"? Before getting a policy that offers accelerated death benefits, you should first understand what the term means. An accelerated death benefit allows you to access a portion of your life insurance policy while you're still alive. However, this option is available only if you're suffering from a chronic or terminal illness; anything otherwise will be impossible to procure. Initially, this benefit was added to life insurance policies when the AIDS epidemic started. Soon, it was incorporated in most policies without the insured individual selling his/her policy. Money received from the benefit can be utilized in paying off hospital expenses, medicines, tests, or anything you want. You need to speak with your insurer to know if you need to pay extra before the accelerated death benefit can be added to your policy or there's no additional cost required for the offer. Ways in Which You Can Procure Accelerated Death Benefit Two things that influence accelerated death benefits are the nature of your illness (whether it is chronic or terminal) and your insurer's requirement(s). If your illness is a chronic one, there must be a proper certification from a medical professional that you indeed suffer from a chronic illness preventing you from performing two of these six daily living activities before the accelerated death benefit can be accessed. They include bathing, continence, dressing, eating, toileting, and transferring. You can also qualify for the benefit if you suffer from a severe cognitive impairment and need supervision to function. If you suffer from a terminal illness, a diagnosis from a medical professional that says you indeed have a terminal illness is needed. Most times, life expectancy duration is required before you can qualify. Some require twelve months or less, while some go as far as two years or less. Accelerated Death Benefit Payment The payment of accelerated death benefits varies for different insurance companies. It can either be paid in a lump sum or straightforward. There might be a limit to what you can get monthly or annually. You should, however, note that upon your death, the money your beneficiary will receive will automatically be reduced due to you accessing your accelerated death benefit. Contact a verified insurance company for more details. For the right life insurance policy to fit your needs, contact Bell Black Insurance today! We serve insurance needs for those in Idaho Falls, Island Park, Driggs, Victor, Swan Valley, Ashton, and the neighboring communities in Idaho, and Jackson and Star Valley in Wyoming.