Accelerated Life Benefit- what paperwork/documents are needed?

[Phil's wife]

For anyone who has used this rider on life insurance...what do the ins companies generally need as proof? Just a letter from the doctor?

Thanks for all of the information and help everyone provides - saves some worry and time.

 

[pmbenb83]

I think it depends on the insurance company. My husband's company wanted the last 6 months of medical records from the neurologist and pulmonologist treating him.

You'll probably need to contact them to find out exactly what to do.

Good luck.

 

[pmbenb83]

I forgot to mention, we have not used this method as of yet and is our final back up plan. Luckily for us, my husband is doing great which we are very grateful for, and one of the stipulations is that he would have to decline rapidly within a certain timeframe in order to qualify from the insurance company. The other alternative way to cash out the policy was to go through a viatical settlement company, which charges a percentage as a fee (10-40%). It would probably be a good idea to seek legal advice if this is the route you might take. I worry about people being ripped off in times like these.

Take care.

 

[Miss]

We just found out that my husband's long term disability policy has a caregiver provision on it. It's not available until the 26 weeks of short term disability have been completed, though. I haven't checked out the life insurance policy yet, either. It's my backup plan, too.