editing disabled

Accelerated benefits (also known as Living Benefits) are benefits that are attached to a Life Insurance policy as either part of the policy, an endorsement or a rider. They encompass the advancement and alteration in the insurance industry. Life insurance is vital to family and family businesses because it is designed to cover the expenses and the loss of income associated with the death of an insured. Accelerated Benefits however enable a portion of a policy’s death benefit to be used to offset the possibly catastrophic expenses associated with chronic illness, critical illness, terminal illness or loss of income due to disability when eligibility requirements are met. These benefits can be used toward a business if one of these events were to occur to a key person or shareholder.

"This article is a stub. You can help Family Business Wiki by expanding it."