Accelerated Benefit Riders at American National Insurance
Accelerated Benefit Riders are Life Insurance policies that pay their benefits before the beneficiary dies. American National Insurance has Accelerated Benefit Riders. Partial and Full Accelerated Benefit Option Elections are Available. Take a partial discounted benefit if you want to maintain a reduced death benefit or receive a full discounted benefit in exchange for the policy death benefit.
Terminal
Terminal provides for the payment of an accelerated benefit if an eligible insured has an illness or chronic condition that is expected to result in death within 24 hours.
Critical
Critical provides for the payment of an accelerated benefit if an eligible insured experiences a critical illness. Covered critical illness includes 16 different illumines.
Chronic
Chronic provides for the payment of an accelerated benefit if an eligible insured is unable to perform two out of six activities of daily living or experiences severe cognitive impairment.
Accelerated Benefit Riders
“Accelerated benefits, also known as “living benefits,” are life insurance policy proceeds paid to the policyholder before he or she dies. The benefits may be provided in the policies themselves, but more often they are added by riders or attachments to new or existing policies.” states Alabama Department of Insurance website.
How do they work?
“The accelerated benefits option or rider in a life insurance policy provides that all, or a portion of, the policy’s proceeds will be paid to the insured upon the occurrence of specified events. These include such things as the diagnosis of a terminal illness. The need for long-term care or the onset of a medically incapacitating condition. The life insurance company will deduct the accelerated benefits payment from the death benefit it ultimately pays to the beneficiary.” states the Alabama Department of Insurance website.
American National’s Accelerated Benefits Riders may be useful in your situation and could be extremely beneficial to you. Always consult with a licensed insurance agent. They can determine what the best product on the market is for you. Everyone’s situation is unique and requires special attention.