Life Insurance Little Rock Arkansas AR
Reader’s Question:
Is there any insurance company that will let me use my death benefit while I am still living in Little Rock Arkansas?
Philip
Little Rock, AR
Hi there Philip.
Yes, there are some life insurance companies that have made available a “living benefit”. A living benefit is an advance withdrawal of funds from your life insurance policy. Such amount withdrawn would be payable at the time of your death.
When is it useful?
In the event that you are terminally ill, the living benefit provision provides fund from your life insurance policy. Although, bear in mind that each life insurance policy will have specific terms and conditions on this benefit. Some policies provide this benefit in case you will be confined in a nursing home. The amount varies for every life insurance company in Arkansas.
However, such living benefits paid under these riders will certainly reduce the benefits payable to your beneficiary upon your death. Congruently, you will get less than the original amount, but will be your last resort to cover the cost of your care. Most companies will automatically attach this as a rider to your policy without any extra charge.
You can try to search more information about this benefit from your local insurance agent in Little Rock, or try to shop around from the internet for more information.
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