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Accelerated Benefit, with Life Insurance~You can take half now with no pay back if you live!
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Accelerated Benefit, with Life Insurance~You can take half now with no pay back if you live!

› Forums › General Melanoma Community › Accelerated Benefit, with Life Insurance~You can take half now with no pay back if you live!

  • Post
    • June 29, 2013 at 12:22 pm
    lrkg1234
    Participant

      I just found out a week ago that Scott's life insurance policy has an accelerated benefit.  You can take half of the policy money up front and then the remaining half is paid out to your beneficiary upon your death.  I thought I'd share the info because I ran into it on a whim and would have never known.  No social worker, HR person or otherwise had mentioned it.  It appears that most policies have this.  If you are interested, find your policy and read up.  

      I just found out a week ago that Scott's life insurance policy has an accelerated benefit.  You can take half of the policy money up front and then the remaining half is paid out to your beneficiary upon your death.  I thought I'd share the info because I ran into it on a whim and would have never known.  No social worker, HR person or otherwise had mentioned it.  It appears that most policies have this.  If you are interested, find your policy and read up.  

      The money could be a great help for travel to trials, paying cobra or whatever, you can even take a vacation.  They don't care what you do with it. It's required that your physician state that you have 12 months or less to live.  But there is no pay back required if you don't die. 

      Just thought I'd let everyone know and hopefully it can help someone else out. 

      Lisa (Scott's wife)

    Viewing 11 reply threads
    • Replies
        • June 30, 2013 at 6:20 pm
        kylez
        Participant
          That’s really good to know Lisa. I had no idea.
          • June 30, 2013 at 6:20 pm
          kylez
          Participant
            That’s really good to know Lisa. I had no idea.
            • June 30, 2013 at 6:20 pm
            kylez
            Participant
              That’s really good to know Lisa. I had no idea.
              • June 30, 2013 at 8:12 pm
              Tina D
              Participant

                I had never heard of this, either… good information to know. Thank you for sharing it…

                • June 30, 2013 at 8:12 pm
                Tina D
                Participant

                  I had never heard of this, either… good information to know. Thank you for sharing it…

                  • June 30, 2013 at 8:12 pm
                  Tina D
                  Participant

                    I had never heard of this, either… good information to know. Thank you for sharing it…

                    • July 5, 2013 at 3:09 am
                    Moodypoodle
                    Participant

                      Mine was called a Terminal Illness Rider and I discovered it quite by accident while reading over my life insurance policy.  I applied and received half the face amount of the policy.  Everyone at the company –AIG–that I talked with was wonderful.  I was kind of hoping my oncologist would accuse me of jumping the gun when she had to fill out her portion BUT she didn't.  Sigh. So now we've paid off the house and my car.  A couple less things my husband will have to deal with when I "go" (assuming he'll be a basket case).  It's certainly worth checking into!

                      Ann

                      • July 5, 2013 at 3:09 am
                      Moodypoodle
                      Participant

                        Mine was called a Terminal Illness Rider and I discovered it quite by accident while reading over my life insurance policy.  I applied and received half the face amount of the policy.  Everyone at the company –AIG–that I talked with was wonderful.  I was kind of hoping my oncologist would accuse me of jumping the gun when she had to fill out her portion BUT she didn't.  Sigh. So now we've paid off the house and my car.  A couple less things my husband will have to deal with when I "go" (assuming he'll be a basket case).  It's certainly worth checking into!

                        Ann

                        • July 5, 2013 at 3:09 am
                        Moodypoodle
                        Participant

                          Mine was called a Terminal Illness Rider and I discovered it quite by accident while reading over my life insurance policy.  I applied and received half the face amount of the policy.  Everyone at the company –AIG–that I talked with was wonderful.  I was kind of hoping my oncologist would accuse me of jumping the gun when she had to fill out her portion BUT she didn't.  Sigh. So now we've paid off the house and my car.  A couple less things my husband will have to deal with when I "go" (assuming he'll be a basket case).  It's certainly worth checking into!

                          Ann

                          • August 26, 2013 at 6:10 am
                          markdonald
                          Participant

                            Yeah that is really good. One needs to read his policy and know what does it offers. How much one has to pay while renewing it? flbestpublicadjusters

                            • August 26, 2013 at 6:10 am
                            markdonald
                            Participant

                              Yeah that is really good. One needs to read his policy and know what does it offers. How much one has to pay while renewing it? flbestpublicadjusters

                              • August 26, 2013 at 6:10 am
                              markdonald
                              Participant

                                Yeah that is really good. One needs to read his policy and know what does it offers. How much one has to pay while renewing it? flbestpublicadjusters

                                • July 11, 2013 at 7:43 am
                                allanwiller
                                Participant

                                  Universal term life insurance is a combo of term life insurance and universal life insurance. It is a kind of term life insurance. Term life insurance is insurance for a specific term period for instance from 5-30 years.

                                  Home

                                  • July 11, 2013 at 7:43 am
                                  allanwiller
                                  Participant

                                    Universal term life insurance is a combo of term life insurance and universal life insurance. It is a kind of term life insurance. Term life insurance is insurance for a specific term period for instance from 5-30 years.

                                    Home

                                    • July 11, 2013 at 7:43 am
                                    allanwiller
                                    Participant

                                      Universal term life insurance is a combo of term life insurance and universal life insurance. It is a kind of term life insurance. Term life insurance is insurance for a specific term period for instance from 5-30 years.

                                      Home

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