Accelerated Benefit Rider
How does it work?
The idea is simple. If the insured is diagnosed with a specified terminal illness as defined in the Accelerated Benefit Rider for Terminal Illness, the policy owner can request the early payment of a part of the policy’s death benefit. The amount available at that time will be calculated by Farmers.
How can the Accelerated Benefit Rider for Terminal Illness benefit you?
Once you receive the money, you can use it for any purpose you choose. If the insured is not the owner, the owner has the right to any proceeds this benefit pays.
How much does it cost?
There is no additional premium with this rider. Once issued, if you ever need to use this benefit, a one-time administrative processing fee will be charged.
How can you get the Accelerated Benefit Rider for Terminal Illness?
Farmers offers this option on most new permanent policies and on certain term policies, and in-force policies which meet certain criteria, at no additional charge. Your Farmers agent can help you put the rider into effect.
We never know what the future will bring. That’s why Farmers created the Accelerated Benefit Rider for Terminal Illness, giving you the option of receiving some Life insurance proceeds while the insured is still living, if the insured is faced with a terminal illness. Some additional benefits of the Accelerated Benefit Rider for Terminal Illness:
-Adds a new degree of flexibility in your financial future
-Helps lessen the financial and emotional costs associated with catastrophic illness
-Provides additional security