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An accelerated death benefit (ADB) is a life insurance add-on that can allow you to access a portion of your death benefit early if you’re diagnosed with a qualifying illness. This rider is designed to help alleviate financial stress during a trying time. Aflac offers an accelerated death benefit rider* that you can add on to our term and whole life insurance plans. Keep reading to learn more about what an accelerated death benefit rider is, how it works, and the purpose of having this benefit.
Also known as a living benefit rider, an accelerated death benefit rider can be useful if you receive a diagnosis that will likely shorten your life. As long as you’ve paid your premiums, you may access part of the benefit early to help cover medical bills, care costs, and other expenses. While each life insurance company has its own rules, some may allow you to withdraw up to 50% if you meet their qualifications. Limitations and exclusions apply. Each carrier may vary on what is allowed.
Don’t wait until it’s too late. Help cover yourself and your family with coverage from Aflac.
Many life insurance companies include an accelerated death benefit rider in their policies at no extra charge. But if you do tap into it, you may have to pay a processing fee that will be deducted from the amount you choose to receive. In some cases, you may pay a higher premium. Before you commit to a life insurance policy, find out how an accelerated death benefit plays into it.
An accelerated death benefit is usually a lump-sum payment you can use in any way you’d like to help alleviate financial stress during your final years. In many cases, you must have a terminal illness to qualify for this benefit. Many people use the funds for:
As stated, an accelerated death benefit rider may be automatically included in your life insurance policy. If it’s not, you can simply reach out to your insurance company and ask for this type of coverage. Keep in mind that you may need to prove you’ve developed a qualifying condition or terminal illness before you can access an accelerated death benefit rider.1
There are several situations where an accelerated death benefit rider may be needed. If you have a family history of a chronic or terminal illness, for example, you may want to consider this add-on. Also, if you know you don’t have enough savings to cover unexpected medical expenses ,an accelerated death benefit rider may be helpful.
An accelerated death benefit rider can be helpful if you get diagnosed with a terminal illness. It helps so you can receive the medical care you need and enjoy the rest of your life without worrying about your finances. Fortunately, Aflac offers life insurance plans with an accelerated death benefit rider for added peace of mind. Start chatting with an agent to learn more about our types of policies and get a quote.
1 Policygenius - What is an accelerated death benefit & how does it work? Updated January 5, 2024. https://www.policygenius.com/life-insurance/what-is-an-accelerated-death-benefit/. Accessed August 20, 2024.
2 Investopedia - Accelerated Benefit Riders: How They Work. Updated September 12, 2023. https://www.investopedia.com/articles/personal-finance/013114/closer-look-accelerated-benefit-riders.asp. Accessed August 20, 2024.
3 Nerdwallet - How Does an Accelerated Death Benefit Work? Updated Jun 4, 2024. https://www.nerdwallet.com/article/insurance/accelerated-death-benefit. Accessed August 20, 2024.
*Receipt of accelerated death benefits may affect eligibility for public assistance programs. Benefits may also be taxable, and are not expected to receive the same favorable tax treatment as other types of accelerated death benefits that may be available.
Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent.
Aflac coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, Aflac coverage is underwritten by American Family Life Assurance Company of New York.
Aflac life plans - 68000 series: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC1368100, ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68100-A68400. 65000 series: In Virginia, Policies ICC0965JTO & ICC0965JWO. B61000 series: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC18B61JWO & ICC18B61JTO. In Delaware, Policies B61JWO, B61JTO. B60000 series: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. Q60000 series/Whole: In Arkansas & Delaware, Policy Q60100M. In Idaho, Policy Q60100MID. In Oklahoma, Policy Q60100MOK. Not available in Virginia. Q60000 series/Term: In Delaware, Policies Q60200CM. In Arkansas, Idaho, Oklahoma, Policies ICC18Q60200C, ICC18Q60300C, ICC18Q60400C. Not available in Virginia.
Aflac Final Expense insurance coverage is underwritten by Tier One Insurance Company, a subsidiary of Aflac Incorporated and is administered by Aetna Life Insurance Company. Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (Tier One NAIC 92908).
In AR, DE, ID, OK and VA: Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22. Aflac Final Expense policies are not available in New York.
Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY or VA. Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations, and exclusions.
Aflac WWHQ | Tier One Insurance | 1932 Wynnton Road | Columbus, GA 31999
Aflac New York | 22 Corporate Woods Boulevard, Suite 2 | Albany, NY 12211
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