What is living benefits rider?
The Bankrate.com financial term of the day is: "living benefits rider."
Usually, life insurance puts a value on your life and then pays that amount to your loved ones if you die. But you may find that you need the money yourself while you're still alive, to help cover the high cost of a nursing home or other long-term care, or for big medical bills from a terminal illness. A policy that has a living benefits rider would allow you to tap into your life insurance for these reasons.
A living benefits rider on your life insurance will let you take a payout while you're alive to help with expenses if you need long-term care or are terminally ill.
To get an insurance quote, visit the Insurance section at Bankrate.com.