Life insurance policies may offer several special features such as:

• Accelerated death (or “living”) benefit.  When a policyholder is diagnosed with a terminal illness they may be allowed to take out a portion of the policy’s death benefit (usually up to 75% of the death benefit amount) to use as they choose, typically for assisted living, end-of-life care, medical bills, etc.  Keep in mind that there may be a penalty or interest charge applied if you use this feature and that the amount you take out will be subtracted from the total death benefit your beneficiaries will receive.
• Accidental death benefit (also known as “double indemnity”).  This feature means that your beneficiaries will receive an additional benefit (up to two or three times the policy’s death benefit) if you die as the result of an accident.  Note that only 5% of deaths are from accidents, so you should carefully consider whether you need this feature.
• Disability waiver of premium.  This feature enables you to not have to pay your premium for the duration of a disability.