A regular Term Life Insurance policy has no cash value inside the policy from which to withdraw money.
However, Term Life insurance policies with "living benefits" do allow you to access the death benefit in the form of cash while you are still living, in certain situations.
The triggers that may allow you to get access to the life insurance death benefit as cash while still alive may include:
1. Being diagnosed with a critical illness such as cancer.
2. Being diagnosed with less than 1-2 years to live.
There may be other reasons which may qualify the insured to gain access to the death benefit of a term life policy while alive.
This coverage is referred to as an Accelerated Death Benefit and makes money form your term life insurance plan available while you are still alive.
However, Term Life insurance policies with "living benefits" do allow you to access the death benefit in the form of cash while you are still living, in certain situations.
The triggers that may allow you to get access to the life insurance death benefit as cash while still alive may include:
1. Being diagnosed with a critical illness such as cancer.
2. Being diagnosed with less than 1-2 years to live.
There may be other reasons which may qualify the insured to gain access to the death benefit of a term life policy while alive.
This coverage is referred to as an Accelerated Death Benefit and makes money form your term life insurance plan available while you are still alive.
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