Death Benefit

A death benefit is a sum of money from a life insurance policy given to an insured individual's beneficiaries after the insured individual passes away. 

In a life insurance or hybrid Long-Term Care Insurance policy, the death benefit is a main element of the policy. It ensures your loved ones or beneficiaries will inherit something after you pass away. 

The death benefit amount is determined when you first buy the policy. When buying the policy, you can also determine if you can access part of the death benefit before death. 

In hybrid Long-Term Care Insurance, there is an accelerated death benefit used to pay for long-term care. This means that part of the death benefit is used ahead of time to pay for long-term care. After that portion of the death benefit is gone, regular Long-Term Care Insurance benefits begin to cover care.