Life insurance policies can have a reduced death benefit if the insured chooses to receive a partial payment through the accelerated benefit provision.
Life insurance policies typically include an accelerated (living) benefit provision, which allows the insured to receive a portion of the death benefit if diagnosed with a terminal illness or meet other qualifying criteria. If the insured elects a partial payment from the accelerated benefit provision, the death benefit of the life insurance policy will be reduced. This means that the amount paid to the beneficiaries upon the insured's death will be decreased accordingly.
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