How Living Benefits Can Support Family Caregivers Financially

Caring for a loved one is one of the most meaningful things a person can do — but it can also be emotionally, physically, and financially overwhelming. Living benefits, built into many modern life insurance policies, can provide real financial relief when caregivers need it most.

What Are Living Benefits?

Living benefits let you access part of your life insurance death benefit while you’re still alive if you face a qualifying health event. These funds can be used for:

• Medical bills
• In‑home care
• Daily living expenses
• Lost income from reduced work hours

They turn a life insurance policy into a flexible financial tool instead of something that only helps after death.

Types of Living Benefits

✅ Accelerated Death Benefit:  Access funds if diagnosed with a terminal illness.

✅ Chronic Illness Rider:  Helps when you can’t perform daily activities like bathing or dressing.

✅ Critical Illness Rider:  Provides money after events like cancer, stroke, or heart attack.

✅ Long‑Term Care Rider:  Covers long‑term care at home or in a facility.

These benefits can be used directly by caregivers to support their loved ones — or themselves.

How Living Benefits Help Caregivers

Caregivers often reduce work hours or leave jobs entirely. Living benefits can:

• Replace lost income
• Cover medical supplies, transportation, or home modifications
• Prevent caregivers from draining savings or retirement funds
• Reduce stress and burnout by allowing them to hire help
• Support their own mental and physical health

Financial relief means caregivers can focus on what matters most: providing quality care.

Accessing Living Benefits

To use living benefits, caregivers should:

• Review their policy to confirm which benefits are included
• Work with a financial advisor to understand options
• File a claim with medical documentation when needed
• Review policy terms regularly as caregiving needs change

Bottom line: Living benefits offer caregivers a lifeline — easing financial pressure, protecting long‑term savings, and supporting both the caregiver and the person receiving care. They transform life insurance into a powerful tool for stability during life’s hardest moments.