Depending on your insurer, you might be able to tap into your policy’s payout if you have been in a nursing home for six months and are expected to remain there. » MORE: What is the life insurance death benefit? Do I have to pay for accelerated death benefits? Most insurers includ...
Accelerated death benefits (ADB) allow someone with a life insurance policy who is terminally ill to access a portion of the policy's death benefit while they are alive. Accelerated death benefits are typically not taxed as income. In order to qualify for an accelerated death benefit, a policy...