Why Living Benefits in Life Insurance Matter
If you’ve only viewed life insurance as a benefit your family receives after you pass, you’re missing one of the most powerful tools available today — Living Benefits in Life Insurance. These features give you access to your policy’s death benefit while you’re still alive, during times of critical need.
At Doyle Assurance Group, we help clients across Plano, Texas and the DFW Metroplex unlock the power of Living Benefits in Life Insurance with policies that deliver support when it’s needed most — during a health crisis, not just afterward.
What Are Living Benefits in Life Insurance?
Living Benefits in Life Insurance, also called accelerated death benefits, let you receive a portion of your policy’s payout early if you face a qualifying condition such as:
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Terminal illness
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Critical illness (cancer, stroke, heart attack)
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Chronic illness (loss of daily living functions)
Investopedia explains how Living Benefits in Life Insurance function and why they’re an increasingly vital part of financial planning.
This is tax-free money available when you need it most — for medical bills, in-home care, keeping your household afloat, or anything else you choose.
How Living Benefits in Life Insurance Work
Here’s how it works:
- Diagnosis of a qualifying condition is confirmed
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You submit documentation and a claim
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The insurer pays you a portion of your death benefit early
Unlike traditional life insurance, which only helps after death, Living Benefits in Life Insurance provide support while you’re still fighting to survive and recover.
Key Events That Trigger Living Benefits
Your policy may allow access under these conditions:
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Terminal Illness: A physician certifies a life expectancy of 12–24 months.
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Critical Illness: Diagnoses like cancer, heart attack, or organ failure.
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Chronic Illness: You’re unable to perform two or more daily living tasks such as bathing or feeding yourself.
Riders That Enable Living Benefits in Life Insurance
At Doyle Assurance Group, we build custom policies with powerful riders such as:
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Terminal Illness Rider
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Critical Illness Rider
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Chronic Illness Rider
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Waiver of Premium Rider
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Long-Term Care Rider
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Disability Income Rider
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Return of Premium Option
Each rider adds another layer of protection, making your Living Benefits in Life Insurance policy a complete financial shield.
Guardian Life breaks down rider options here
Living Benefits in Retirement Planning
Most people overlook how valuable Living Benefits in Life Insurance are during retirement. If you develop a condition requiring long-term care or in-home assistance, a policy with chronic illness benefits can help cover those costs without draining your 401(k).
Protective explains how Living Benefits support retirement
Client Stories from Plano, TX
Sarah from Plano used her chronic illness rider during breast cancer treatment. She accessed her benefits early and covered childcare, medical costs, and recovery time without going into debt.
Michael, a business owner in Frisco, experienced a heart attack. His Living Benefits in Life Insurance policy helped him continue payroll and operations during rehab.
Both stories show how Living Benefits in Life Insurance empower families and businesses to survive major health events with dignity.
📍Explore our DFW Metroplex coverage
Living Benefits in Life Insurance vs. Long-Term Care Insurance
Many clients ask: Should I get long-term care insurance or just add living benefits?
Living Benefits in Life Insurance often offer:
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Easier qualification
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No standalone premiums
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Tax-free access to death benefit funds
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Coverage for both medical and non-medical expenses
Unlike LTC insurance, you don’t need to meet waiting periods or face reimbursement limits.
Who Needs Living Benefits in Life Insurance?
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Young families needing flexibility
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Retirees protecting long-term care savings
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Business owners maintaining continuity during illness
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Self-employed professionals who lack disability coverage
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Homeowners ensuring mortgage protection during health decline
If you’re in Plano, Allen, Frisco, McKinney, or anywhere in the DFW Metroplex, we’ll help you find a policy that reflects your goals.
Texas Law and Living Benefits in Life Insurance
In Texas, insurers offering Living Benefits in Life Insurance must follow strict guidelines:
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Claims require licensed physician certification
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Benefits are paid tax-free under federal law
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Payouts reduce the remaining death benefit
Dive deeper into Texas life insurance law
We guide our clients through every step — from rider selection to claim filing — so you’re never navigating this alone.
Can You Add Living Benefits to Existing Policies?
In some cases, yes. We can:
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Review your current policy
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Add available riders
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Recommend replacements with better terms
See more about policy add-ons at NerdWallet
What to Ask When Choosing Living Benefits in Life Insurance
When reviewing your options, ask:
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Are all three illness types covered (terminal, critical, chronic)?
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How much of the death benefit is accessible?
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Are benefits paid in a lump sum or installments?
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Is there a cap on how much I can receive?
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Are there any waiting periods?
We help you understand all terms — not just the price.
Common Myths About Living Benefits in Life Insurance
Myth: It’s too expensive
Truth: Many carriers include basic riders at no cost.
Myth: You can’t use the benefits until you’re elderly
Truth: Riders cover all age ranges, especially during working years.
Myth: It’s hard to claim
Truth: With the right documentation and agent, it’s quick and stress-free.
Why Choose Doyle Assurance Group?
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Local experts serving Plano and DFW families
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Over 50 A-rated carriers to shop from
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Custom coverage built for your lifestyle
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Led by cancer survivor Mark Doyle, who understands the value of protection firsthand
You’re not buying a policy — you’re building a financial strategy that adapts as life changes.
FAQs: Living Benefits in Life Insurance
Are living benefits taxable?
In most cases, no — they’re paid tax-free.
Do living benefits reduce the death benefit?
Yes. Any money used now will be deducted from the eventual payout to your beneficiaries.
Can I use the funds for anything?
Yes. There are no restrictions on how you use your living benefit payout.
How long does a claim take?
Once documentation is submitted, most insurers pay in 2–4 weeks.
Start Your Personalized Plan Today
If you’ve ever worried about what would happen to your finances if you became seriously ill, now’s the time to act. Let Doyle Assurance Group customize a Living Benefits in Life Insurance policy that protects your family — and your future.
📞 Call: (972) 853-4120
📧 Email: mark@doyleassurancegroup.com
🌐 Visit: doyleassurancegroup.com