Can accelerated death benefits provide cash for the terminally ill consumers?

The question that many consumers are worried about is - where would I turn for money if I were to become terminally ill?

There is an easy answer to that question. You life insurance company will probably allow you to receive money from your policy if you were to become terminally ill.

You can receive the money in the form of accelerated death benefits - either in a large lump sum or in monthly payments that will be deducted from the policy's face value.

Keep in mind that the existence of any cash value has nothing to do with the amounts of money that you may receive.

Keep in mind that there are some occurrences that might trigger or get in the way of an accelerated death benefit. Here are some of the occurrences that can do just that:

• You might be diagnosed with an illness or one of a number of specified medical conditions, also known as catastrophic illnesses that might later result in a much shorter life span without extraordinary or extensive medical treatment.

•  Permanent confinement to a nursing home

• Due to an inability to perform the "activities of daily living', the need for an extended period of long term care in a nursing home facility might occur. The activities that you later won't be able to perform will include toileting, bathing, continence, dressing, and transferring.

• If you are diagnosed with a serious medical condition that might shortly result in death, it is very obvious that this will trigger and get in the way of an accelerated death benefit. Not only might this trigger or get in the way of an accelerated death benefit, it might cancel the benefit in one.

This is, as a matter of fact, an excellent way of getting paid money while being terminally ill. If your life insurance policy isn't needed for a beneficiary anyway, that can be yet another reason to purchase a life insurance policy. If you aren't sure whether you should or you shouldn't purchase a life insurance policy, keep in mind that this too can help you make a decision.

Bear in mind that if you become terminally ill, you will be able to get a large lump sum or monthly payments. This is an excellent way of purchasing financial coverage in cases like these, particularly if you have no other reason for purchasing a life insurance policy.