Definition of "Accelerated Death Benefit"

An advance on your life insurance contract that you receive while you are living. Specific eligibility requirements must be met.

With a lot of life insurance policies, if you become terminally ill, you can be eligible to receive all or part of the death benefit. This can also be known as terminal illness benefit. It is a very compassionate benefit and is paid to ease the suffering of the life assured through covering medical expenses etc.