Glossary beginning with L

Insurance Glossary

Living Benefitssearch for term
  • This feature allows you, under certain circumstances, to receive the proceeds of your life insurance policy before you die. Such circumstances include terminal or catastrophic illness, the need for long-term care, or confinement to a nursing home. This feature is also known as ‘accelerated death benefits.’
Long-Term Care Insurancesearch for term
  • Pays a fixed amount each month for long-term nursing care.
  • Benefits are paid when you cannot perform ‘activities of daily living’ such as bathing, dressing, feeding, going to the toilet and moving around.
  • Definitions of ‘activities of daily living’ and the minimum number of activities you must not be able to perform to qualify for the payment of benefits may vary from one policy to another.