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When you shop for insurance, talk to the companies about whether or not you would like to add living benefits.

A living benefit rider provides additional protection and benefits on your primary policy. When you have specific requirements, a rider will come in handy. You can customize your policy with a rider.

It is available to you if your chronic illness makes it impossible for you to perform at most two of the six Activities of Daily Living.

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Permanent life insurance provides a death benefit, similar to term insurance. Also, it allows for cash accumulation on a tax-deferred basis. This is something that a term policy doesn't offer.

Specific policies let you access the cash value or accelerate the death benefit to your use while you're alive. These options are known as "living benefits" and could be the best-kept life insurance secret. It's possible to be surprised by life at times when having an extra source of income can prove helpful.

Long-term care benefits. You can add a long-term benefit to your permanent policy to help pay for long-term healthcare expenses not covered by your health insurance. The amount you use for a long-term benefit reduces the death benefit. This is a precious benefit, especially considering that 70% of those turning 65 will require some long-term care in the next few years.

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Your premium after underwriting and the riders you add to your policy will determine how much a life insurance policy includes living benefits. Premiums for term life insurance vary depending on age, health, medical history, coverage amounts, and other factors.

It covers qualifying critical illnesses with high medical costs or shortened life expectancy. This includes heart attack, stroke, kidney failure, and life-threatening diseases.

Policy loan. A policy loan is a loan that you take out against your permanent life insurance policy. You'll pay interest, which is often lower than other lenders' charges. You won't need to pass a credit check or adhere to a long list of restrictions.

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Cash value withdrawal. You can access a percentage of the cash value in your permanent life insurance policy by making a withdrawal. You will not owe taxes if the amount you withdraw exceeds or equals your premium payments. Taxes will apply if any portion you take out is from dividends, interest, or capital gains. Be aware that your policy's death benefit will be reduced if the amount is not repaid.

The price of life insurance policies with living benefits will depend on how high your premium is after underwriting. Also, the riders you choose to add to your policy. Premiums for term life insurance are determined by age, medical history, and the coverage amount.

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.

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The primary reason you need life insurance is to make sure your loved ones get money when you die. However, this is only part.

It covers critical illnesses with high medical costs and a shorter life expectancy, such as stroke, heart attack, kidney disease, or life-threatening cancer.

A chronic illness rider

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The amount your beneficiaries will receive after your death is usually subtracted from the advanced amount.

Critical illness rider

The living benefits offered by life insurance can be used to provide additional protection.

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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.

Cash value withdrawal. Withdrawing cash allows you to access a part of your permanent policy's cash value. This withdrawal is exempt from taxes if it is less than your premium payments. You will be taxed if you receive any interest, dividends, capital gains, or other income. You should also be aware that any amount you withdraw from the policy will be deducted from its death benefit if it isn't repaid.

A 35-year-old nonsmoker could pay as little as $25-30 per Month for a $500,000 policy (20-year) with a terminal illness rider. This same person could pay significantly more if they added a long-term care rider.

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