What does the accelerated benefit provision allow for a terminally ill person?

The accelerated benefit provision is a feature in some life insurance policies that allows a terminally ill policyholder to access a portion of their death benefit while they are still alive. This provision is particularly beneficial for those facing a life-threatening illness, as it provides financial assistance for medical expenses or other necessary costs during a difficult time.

By allowing access to a percentage of the death benefit, the provision ensures that terminally ill individuals can utilize these funds to improve their quality of life or settle any outstanding bills. This early access can significantly alleviate financial stress, which can be crucial during such challenging circumstances.

The other options do not align with the purpose or function of the accelerated benefit provision. Accessing benefits after a policy has lapsed is not allowed, as such an event would void the coverage provided by the insurance. The provision does not solely focus on cash value withdrawals, as it specifically pertains to the death benefit. Lastly, refusing to pay premiums going forward does not correlate with the provision, as the coverage must remain in force for the accelerated benefits to be available.