Allows the insured to collect either a portion or all of their life insurance policy while they are alive
This rider allows the insured to collect either a portion or all of their
life insurance policy while they are alive. In order to withdraw a part or
the whole amount of death benefit from the basic insurance policy, the
insured must be diagnosed with a terminal illness that may require long term
medical care or permanent confinement to a medical facility. Then, the basic
insurance policy reduces by the amount withdrawn under the rider, as the
insured would most likely be unable to continue work and earn an income.
This life insurance rider can help the insured and his /her family to
relieve some of the immediate or long term financial burden of medical
costs. The rider generally specifies the amount available to the insured
in such cases and can be withdrawn by him or her during term of policy.
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