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What is an Accelerated Death Benefit Rider?

An accelerated death benefit rider is a life insurance add-on that can allow you to access a portion of your death benefit early if you’re diagnosed with a qualifying serious illness. It’s designed to help alleviate financial stress during a trying time. Aflac offers an accelerated death benefit rider* that you can add on to our term and whole life insurance plans. Keep reading to learn more about what an accelerated death benefit rider is and how it works.

Accelerated death benefit rider definition

Also known as a living benefit rider, an accelerated death benefit rider can be useful if you receive a serious diagnosis that will likely shorten your life. As long as you’ve paid your premiums, you may access part of it early to help cover medical bills, care costs, and other expenses. While each life insurance company has its own rules, some may allow you to withdraw up to 50% if you meet the qualifications. Limitations and exclusions apply. Each carrier may vary on what is allowed.

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How much does an accelerated death benefit rider cost?

Many life insurance companies include an accelerated death benefit rider in their policies at no extra charge. But if you do tap into it, you may have to pay a processing fee that will be deducted from the amount you choose to receive. In some cases, you may pay a higher premium. Before you commit to a life insurance policy, find out how an accelerated death benefit plays into it.

When to use the accelerated death benefit rider

An accelerated death benefit is usually a lump-sum payment you can use in any way you’d like to help alleviate financial stress during your final years. Many people use the funds for:

  • Hospital bills
  • Nursing home care
  • Hospice
  • Private caretaker services
  • Dependent care
  • Day-to-day expenses

How to get the accelerated death benefit rider

As stated, a death benefit rider may be automatically included in your life insurance policy. If it’s not, you can simply reach out to your insurance company and ask for this type of coverage. Keep in mind that you may need to prove you’ve developed a qualifying serious condition or terminal illness before you can access an accelerated death benefit rider.1

Should I get an accelerated death benefit rider?

There are several situations where an additional rider may be needed. If you have a family history of a chronic or terminal illness, for example, you may want to consider this add-on. Also, if you know you don’t have enough savings to cover unexpected medical expenses ,an accelerated death benefit rider may be helpful.

Aflac offers an accelerated death benefit

An accelerated death benefit rider can be helpful if you get diagnosed with a terminal illness. It helps so you can receive the medical care you need and enjoy the rest of your life without worrying about your finances. Fortunately, Aflac offers life insurance plans with an accelerated death benefit rider for added peace of mind. Start chatting with an agent to learn more about our types of policies and get a quote.

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