Living benefits
Scope Notes
Here are entered works on provisions in life insurance policies that allow for the prepayment of death benefits to cover the cost of long-term care of the terminally ill. Works on a type of contract by which a cash payment is made to a terminally ill person in exchange for the death benefits of that person's life insurance are entered under [Viatical settlements.]
Used for
- Accelerated death benefits
- Life support benefits
- Living benefit options
- Pay downs (Life insurance)