The concept of living benefits has been around for decades. It is not new at all. In fact, this type of life insurance policy was first introduced in the United States in 1884 by a company called National Mutual Life Insurance Company. This was one of the first life insurance companies to introduce the idea of a living benefit.

The main advantage of a living benefit is that you get paid out after your death. This is unlike term life insurance which pays out a certain amount of money at a specific time during your life. The only difference between the two types of policies is the time when you will receive your payout.

The biggest drawback of a living benefit is that it is usually more expensive than term life insurance. Because the premiums are higher, the total amount of money that you will receive from the policy will be lower. You should take into consideration that the cost of living increases every year. If you are planning to retire or die within 10 years, then you should probably choose a term life insurance policy instead of a living benefit.

Also, if you have other sources of income such as Social Security, retirement funds, pensions, etc., then you might want to consider a term life insurance policy instead. A living benefit may not be worth the extra expense because you will not be able to use the money that you receive. If you are looking for an affordable life insurance policy, then you should look into purchasing a term life insurance policy.

There are many ways that you can increase the value of your living benefit. For example, you can purchase whole life insurance instead of a term life insurance policy. This will give you a larger payout over a longer period of time. Another option is to purchase universal life insurance. Universal life insurance combines the best features of both term and whole life insurance policies. This will help you to save money and make sure that you will always have enough money to cover any unexpected expenses that may arise.