Also known as accelerated death benefits, are features included in some life insurance policies that allowpolicyholders to access a portion of their death benefit while they are still alive if they experience a qualifying medical event orterminal illness. These benefits provide financial support to policyholders during times of need and can help cover medical expenses, long-term care costs, or other financial obligations

Critical Illness Benefit: This type of living benefit allows policyholders to receive a portion of their death benefit if they are diagnosed with a specified critical illness, such as cancer, heart attack, stroke, or end-stage renal failure. The funds can be used to cover medical expenses, treatment costs, or other financial needs during the recovery process.

Chronic Illness Benefit: Some life insurance policies offer living benefits for chronic illness, which provide funds to policyholders who are unable to perform certain activities of daily living (ADLs) due to a chronic illness or condition.This benefit can help cover long-term care expenses, home modifications, or other costs associated with managing a chronic illness.

Terminal Illness Benefit: This type of living benefit allows policyholders who are diagnosed with a terminal illness and have a limited life expectancy (usually less than 12-24 months) to access a portion of their death benefit in advance. The funds can be used to cover medical bills, hospice care, palliative care, or other end-of-life expenses.