Accelerated benefit riders (ABR), also known as accelerated death benefits, have been developed to accelerate, during the final stages of life, some of the death benefit amount from your life insurance in the event the insured person becomes terminally ill. This availability of life insurance benefits emerged in response to a need to access cash for the high cost of medical care near the end of life.
If available, there is usually no cost to accelerated death benefits in the policy. Not all life insurance policies have this coverage available, but many newly issued life insurance policies offer the coverage.
Some accelerated benefits also cover chronic illnesses or long term care expenses. The life insurance policy owner should review the policy for claim terms, contact their agent or call the life insurance company to learn more.
Here's how to learn more about accelerated death benefit coverage for life insurance.