Death benefits from life insurance policies are usually left behind for your loved ones, but there are times when you may need the money yourself. Some plans allow policyholders in certain circumstances to access their own death benefits while they’re still alive, though it can be tricky and costly. Here’s what you need to know about taking what are formally known as “accelerated death benefits.”

Early Death Benefits? Check Your Policy
Most life insurance policies are fairly straightforward: You buy a policy, make regular payments, and when you die, the beneficiary gets the value of that policy. The problem comes when policyholders run into end-of-life health issues for which death-benefit money could come in handy. Enter the early death benefit. Provisions built into certain term and permanent life insurance policies, or otherwise available as add-ons, allow plan holders to dip into their death benefits to offset costs associated with chronic…

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