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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.
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.
Don’t wait until it’s too late. Help cover yourself and your family with coverage from Aflac.
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.
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:
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
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.
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.
1 Policygenius - Accelerated Death Benefit Rider. Updated April 10, 2023. https://www.policygenius.com/life-insurance/what-is-an-accelerated-death-benefit/. Accessed April 27, 2023.
2 Investopedia - Accelerated Benefit Riders: How They Work. Updated September 17, 2021. https://www.investopedia.com/articles/personal-finance/013114/closer-look-accelerated-benefit-riders.asp. Accessed April 27, 2023.
3 Nerdwallet - How Does an Accelerated Death Benefit Work? Updated July 12, 2022. https://www.nerdwallet.com/article/insurance/accelerated-death-benefit. Accessed April 27, 2023.
*Receipt of accelerated death benefits may affect eligibility for public assistance programs. Benefits may also be taxable, and are not expected to receive the same favorable tax treatment as other types of accelerated death benefits that may be available.
Coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, coverage is underwritten by American Family Life Assurance Company of New York.
68000 series: In Arkansas, Idaho, Oklahoma, Oregon, Pennsylvania, Texas, & Virginia, Policies: ICC1368100, ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68100-A68400. In New York, NY68100-NY68400. B60000 series: In Arkansas, Idaho, Oklahoma, Pennsylvania, Texas, & Virginia, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. Q6000 group whole life series: In Arkansas, Policy Q60100CAR. In Delaware, Policy Q60200M. In Idaho Policy Q60100CID. In Oklahoma, Policy Q60100COK. In Oregon, Policy Q60100COR. In Texas, Policy Q60100CTX. Q60000 group term life series: In Delaware, Policies Q60200C. In Arkansas, Idaho, Oklahoma, Oregon, Texas, Policies ICC18Q60200C, ICC18Q60300C, ICC18Q60400C. 65000 series: In Virginia, Policies ICC0965JTO & ICC0965JWO. B61000 series: In Arkansas, Idaho, Oklahoma, Oregon, Pennsylvania, Texas, & Virginia, Policies: ICC18B61JWO & ICC18B61JTO.
Final Expense insurance coverage is underwritten by Tier One Insurance Company. The life insurance policy described herein contains an optional Accelerated Death Benefits Rider that is intended for favorable tax treatment under Section 101(g) of the Internal Revenue Code. Aflac does not give legal or tax advice. Please consult with a qualified legal, tax, and accounting advisor before engaging in any transaction. In AR, AZ, ID, OK, OR, PA, TX and VA: Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22. Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (Tier One NAIC 92908).
This is a brief product overview only. Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY or VA. Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations and exclusions. For complete details, including availability and costs, please contact your local Aflac agent.
Content within this article is for informational purposes only and does not constitute legal, tax, accounting or medical advice regarding any specific situation. Aflac cannot anticipate all the facts that a particular employer will have to consider in their benefits decision-making process. This article contains a general overview and is not intended to portray any specific benefits or details of Aflac policies.
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