what life insurance have living benefits

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

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.

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.