What is the Accelerated Death Benefit?
Accelerated death benefits are benefits offered to terminally ill participants who are in need of money. Any payments made under this benefit will be deducted from the Life Insurance benefit otherwise payable. For more information about this benefit, please refer to the Certificate of Coverage and the Summary of Coverage.
Accelerated Death Benefit (ADB) is often referred to as a living benefit. It can provide an early payment of up to 75% of your in-force voluntary term life insurance coverage prior to your death if you are diagnosed with a terminal illness. The maximum payment under an ADB is $375,000. The minimum payment is $5,000. The benefit is payable in a lump sum.
The accelerated death benefit is a feature of the Basic Life Insurance and the Optional GUL program. If you are diagnosed with a terminal illness with a life expectancy of six months or less, you can receive up to 50% of your Life Insurance coverage to a maximum of $500,000. The balance will be paid to your beneficiary after your death.
