A policy that allows access to funds if you experience a serious illness. Unlike traditional life insurance that only pays upon death, living benefits life insurance lets you access a portion of your death benefit while you're still alive if you're diagnosed with a qualifying condition.

Conditions like cancer, heart attack, stroke, and certain chronic or terminal illnesses. Each policy may have specific criteria, but most cover major critical illnesses that significantly impact your life and finances.

Costs vary based on age, health, and coverage amount. Generally, living benefits policies are competitively priced and may cost only slightly more than traditional life insurance due to the added living benefits feature.

Some policies require it, others may not. Depending on your age, coverage amount, and health status, you may qualify for simplified issue or guaranteed issue policies that don't require a medical exam.

Depending on the policy, benefits may be accessed after qualification is approved. Typically, once you submit medical documentation proving a qualifying condition, approval can take 2-4 weeks, and funds are disbursed shortly after.