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 Posted: Thu Apr 02, 2009 1:01 pm Post subject: Can I use accelerated death benefits with my life policy? |
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Hi..I think there are some accelerated death benefits
that could be added to my life insurance under specific circumstances. Any
explanation of such conditions would help!
PythonPal
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PythonPal
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| Posted: Thu Apr 02, 2009 3:08 pm Post subject: accelerated death benefits |
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It isn't added under specific circumstances. Check to see if your policy has it. What it is, is a rider to a policy that allows you to elect to take a portion of your death benefit before you die should you be diagnosed with a terminal illness and only have a certain period of time left to live. That period varies with carriers but the norm is 2 years so if you were diagnosed with, for example, terminal cancer and the doctor said you had a life expectancy of 2 years, if your policy has the accelerated death benefit rider; you could show proof of the diagnosis to the insurance company and elect to take a portion of the benefits before dying. Of course; the insurer would investigate as to the legitimacy of the diagnosis.
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Louise Jackson-Marquez
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jacksonfinancial
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| Posted: Thu Apr 02, 2009 8:08 pm Post subject: insurance |
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| I din't know you could do such a thing. One of my 'Clients' ( I work with the Elderly) asked me about something similiar. She does have Death Benefits ( I don't know exactly what they are) and she asked if she could have a 'portion of it taken out." Should she consult her Doctor/Insurance company? She does have ALOT of Health problems. |
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sdchargersfan
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| Posted: Fri Apr 03, 2009 12:27 am Post subject: |
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it has to be included with the policy, you can't add it on after the fact
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Louise Jackson-Marquez
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jacksonfinancial
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| Posted: Fri Apr 03, 2009 5:13 am Post subject: |
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Hi..
See, ADB would offer you cash advances even when you're alive. This benefit would be provided to you against the death benefit mentioned. This money could be utilized in case you're terminally ill, need hospitalization or in case you're incapable of performing your daily activities.
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fatman
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| Posted: Fri Apr 03, 2009 1:03 pm Post subject: |
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Hi,
It's advisable to buy ADB at the same time when you're buying a life insurance. I say this you may not qualify for an LTC later as you grow old.
See, it can help you in a couple of ways-
1. You could pay for the long terms care needs that you have.
2. You can leave a death benefit for the heirs
(The ADB is added to your life insurance without any extra cost.)
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roddick
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| Posted: Fri Apr 03, 2009 6:03 pm Post subject: |
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Not all companies offer ADB, most do, but not all. Also, it isn't great for LTC all of the time because it has to be a terminal illness, vs. critical illness. Critical illness on the other hand will pay out on, for example, a heart attack whereas ADB will not unless it left the insured terminally ill.
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Louise Jackson-Marquez
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jacksonfinancial
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| Posted: Sat Apr 04, 2009 10:43 am Post subject: insurance |
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| So.....it could be the same circumstances in each 'policy', but,...each with different results? Usually a heartattack could WORSTEN your 'condition' ( in my father's case, it did). At least I have something I can tell my 'Client'..thanks everyone. |
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sdchargersfan
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| Posted: Sat Apr 04, 2009 11:34 pm Post subject: |
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ADB is for terminal illness and means you were given a certainy of death within a time frame, for example, a terminal cancer where the doc says you have 6 months left to live; this would fall under ADB. Critical illness is different because you can have a heart attack and it will pay you but as you know, people can live for years and years after a heart attack or other critical illness hence, the name, so you don't necessarily have to be dying to collect on it. Also, most critical illness riders don't accelerate your death benefit so you are able to retain your life insurance after having used your critical illness benefit.
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Louise Jackson-Marquez
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jacksonfinancial
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| Posted: Mon Apr 06, 2009 8:10 am Post subject: hi |
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| it depends upon the policy if your policy has the option of this rider you can do it |
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akhi0001
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