accelerated living benefit

accelerated living benefit

Payments from a life insurance policy maker to the beneficiary before the insured person's death to help defray medical expenses that arise during a terminal illness.
Synonym: accelerated death benefit; living needs benefit
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Accumulator offers a 4% guaranteed minimum interest rate, rates based on the 2001 mortality table, a nine-year surrender charge period (replacing 15 years), an accelerated living benefit rider and zero net-cost loans after the fifth policy year.
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