Accelerated Death Benefit
A feature that allows you to receive a portion of your life insurance death benefit early if you are diagnosed with a terminal illness. The amount you receive while living is deducted from what your beneficiaries would receive. Many policies include this at no extra cost.
Real-World Example
After being diagnosed with a terminal illness, Robert accessed 50% of his $400,000 death benefit early to cover medical bills and spend quality time with his family.
Related Terms
Disclaimer: This glossary entry is for informational purposes only and does not constitute financial or insurance advice. Consult with a licensed insurance professional for personalized guidance. GuardianChoices may earn affiliate commissions from links on this site — see our advertiser disclosure.
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