What is a terminal illness accelerator benefit in an international life insurance?
The terminal illness accelerator is a feature of our International Life Insurance that allows the death benefit to be paid out before death, rather than after. If you receive a terminal diagnosis and meet the conditions required, the sum assured is paid to you as a lump sum while you are still alive.
How the terminal illness accelerator works
For the terminal illness accelerator to be invoked, two conditions must both be met:
- The remaining policy term must exceed two years at the time of the diagnosis
- A medical expert retained by the Company must assess that the life assured has less than 10 months to live, following a diagnosis of an advanced, rapidly progressing, and incurable medical illness
If both conditions are satisfied, the full death benefit is paid out as a lump sum and the policy terminates.
Why the two-year remaining term condition matters
The accelerator is only available when there are more than two years left on the policy. If you are approaching the end of your policy term and receive a terminal diagnosis, the benefit may not be available. This is worth considering when choosing the length of cover that is right for your circumstances.
What the early payment means for expats
Receiving the sum assured early means you can meet increased medical or care costs, put financial arrangements in place for your family while you are still able to do so, and settle any outstanding obligations, without your family having to wait until after your death to access the financial protection your policy provides.
Expatriate Group international life insurance includes the terminal illness accelerator as a standard feature, providing financial support at the point when it may be needed most.
