One of the many benefits of having life insurance is the living benefits that come along with the policy. Living benefits gives you the power to access a portion of your life insurance policy’s death benefit while you are still living. For many companies this valuable rider is available on all life insurance policies at no additional premium. This benefit gives you access to the cash value and death benefit of your policy in the event of a Specified Medical Condition, Terminal Illness, or a Chronic Illness (inability to perform two out of six Activities of Daily Living). The money you receive can be used to help pay medical bills, mortgage and home maintenance costs, or anything you want (a vacation with your family). In many instances, these benefits can be received tax-free.