I heard that if you have been diagnosed with a terminal illness, you can dig some of your life insurance death benefits in advance. really?

In some cases, many life insurance policies offer the policyholder “accelerated death benefits,” which makes who has been diagnosed with a portion of the death benefit of the terminally ill access policy while they are still alive. These benefits may be long-term life insurance policy two available, the last of which certain number of years, but as long as you do not have to pay the premium cash value, permanent life insurance policies (such as whole life), it is still valid and build cash value, you can undo or borrow against. In the case of permanent life insurance policy, you accelerate the death benefit may be more than the cash, you can withdraw or borrow amounts under other circumstances. Whether you have a long-term or permanent life insurance policy, you had received money from the death benefit when you die your heirs will receive the deduction.

Detailed company policies and the type of country varies. If you have a whole life policy from Northwestern Mutual, for example, you can usually withdraw half of the death benefit of up to $ 250,000, if you have a medical certificate, you have a life of six months or less. Compensation for death you can get ahead if you have a long-term policy, as long as the conversion period has not expired. (For example, some long-term policy to allow you to convert a whole life insurance policy, or until the first 50 years of age, you intention CH deadline.)

New York Life Insurance policyholders generally can get to 25% 100% of death benefits, up to $ 250,000 if they have medical evidence shows that they expected to die within a year.

For additional way to access your cash value life insurance, do not have a final diagnosis, see new lease of life insurance information.