Living benefits let you access part of your life insurance payout while you’re still alive — if you're diagnosed with a critical, chronic, or terminal illness. This money can be used however you need: medical bills, caregiving, or everyday expenses. There is not a waiting period and it covers up to 18 items.

It depends on the type of illness and your policy size. For example, you may receive up to:

25% for critical illness (like heart attack or cancer)

50% for chronic illness (like needing daily care)

75% for terminal illness

Some benefits can go up to $1 million, and payments are either one-time or spread annually.

Term insurance covers you for a specific period—typically 10–30 years—and tends to be more affordable.

Permanent insurance (like Whole or Universal Life) lasts your lifetime and builds cash value.

IUL is a type of permanent insurance that offers tax‑deferred cash value growth linked to market indexes—with a guaranteed floor to shield you from negative market returns.