As a "rider" or add-on to many life insurance policies, the Accelerated Death Benefit may be a life saver.

If you're diagnosed as terminally ill or suffer from a disease or something like a stroke or accident, that requires long-term care or a permanent move to a nursing home or similar facility, you're going to need your life insurance benefits now, not after you're dead. This rider allows you to collect all or part of the death benefit of your policy while you're still alive. The rider will spell out exactly how much you can collect early and under what circumstances.

This can be a crucial benefit at a time when you're not only unable to work but are having to contend with huge medical expenses that may not all be covered by your health insurance or Medicare. Your final pay-out of the death benefit on your life insurance policy will be reduced by the amount paid under the Accelerated Death Benefit rider.