The life insurance industry is always evolving. They must in order to maintain their bottom line in this ultra competitive industry. One of the newer developments within the industry is something known as accelerated benefits. They have been created to help those who might need their benefits now, and of course, to increase the profits of the insurance companies themselves.
Accelerated benefits are an option that people can select, if they are in need of receiving their benefits now rather than later. Naturally, there is a catch. By selecting to get your benefits today rather than when you are suppose to, you will have to accept that you will receive less money. Basically, you will be sacrificing some of the value of the policy in order to receive the money today.
Deciding to go with accelerated benefits can be a tough decision to make. It is difficult to justify throwing away some of the value of your policy. The people who should most likely consider using this option are those who are either terminally ill or are in a very tight financial spot. Using accelerated benefits can help you to pay for something like a nursing home or hospital bills.
Carefully consider all of your options before settling on accelerated benefits.