Living Benefits are simply a way for the insured to access a portion of their life insurance policy's death benefit while they are still alive. This can provide them with a tax-efficient source of funds during critical times.

Living benefits come in the form of life insurance riders attached to a life policy. Sometimes they're also known as accelerated death benefits or accelerated benefit riders. These riders are available on both term life insurance and permanent life insurance policies, depending on the carrier. Below are the Top 6 Reasons to sell Life Insurance with Living Benefits.

Critical Illness Rider – this features allows the insured to access a portion of the policy’s death benefit to cover treatments for certain illnesses like heart attack, cancer, stroke, kidney failure and other critical conditions that are specified in the policy.

Chronic Illness Rider – if the insured can no longer perform at least 2 of the 6 activities of daily living, the Chronic Illness rider can be used to accelerate a portion of the death benefit to pay for care and improved quality of life.

Terminal Illness Rider – if the insured has been diagnosed with a terminal illness, meaning they have less than 12 months to live, a portion of the death benefit can be accelerated to make their final months more tolerable or to fulfill their bucket list.

Money for Medical Bills, Deductibles and Copayments – even if the insured has a primary health insurance plan, the copays and deductibles for treating a critical or chronic illness can be in the thousands of dollars.  The living benefits can be used to cover these costs.

Money to Replace Income – if the insured is unable to work due to a chronic or critical illness, the living benefits can be used to replace their missing income.

Money for Experimental Treatments – many experimental cancer treatments are not covered by primary health insurance plans.  By accelerating a portion of the death benefit, the insured can pay for experimental treatments to help them fight the disease.

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