It's true – there are instances where you can access a portion of your life insurance death benefit while you’re still alive.
Many people know that having a life insurance policy is an invaluable financial safety net that pays out a lump sum when the policyholder passes away. However, you might not be aware that many life insurance companies, including MiWayLife, offer an Accelerated Death Benefit that can provide much needed support during a critical time.
What are Accelerated Death Benefits?
An Accelerated Death Benefit is a provision within a life insurance policy that allows the policyholder to access their payout while they’re still alive if they’re diagnosed with a qualifying terminal illness or chronic condition. At MiWayLife, we refer to this as our Terminal Illness Accelerated Benefit.
When you take out a life insurance policy with MiWayLife, you get a 4-in-1 policy that includes comprehensive life insurance, Accelerated Funeral Cover, Funeral Cover for your family members and a Terminal Illness Accelerated Benefit – all for one low monthly premium.
Once the request is made and you provide the necessary documentation to prove the diagnosis, we’ll review your claim and, if approved, issue the payment to your bank account. How you use this money is up to you. Many use it to cover expenses related to their medical care, pay off any debts so they don’t burden their loved ones and even fulfil special wishes like taking the family holiday of a lifetime.
Ultimate peace of mind
While nobody likes to dwell on the fact that they might develop a terminal illness, none of us know what the future holds. This is why a life insurance policy that offers an Accelerated Death Benefit, is important. It allows you to navigate life’s uncertainties with greater confidence and, should you ever be diagnosed with a terminal illness, you won’t have to worry about mounting medical bills or expenses. Instead, you can treasure every precious day with those you love – and that’s the ultimate peace of mind.
Did You Know:
You can now take out life cover with us online in a few simple steps. No calls and no agents! Make sure to take care of those you love today by buying MiWayLife cover online.
