What is required for an accelerated (living) benefit to be payable?

For an accelerated (living) benefit to be payable, it is essential to have a physician's certification of a qualifying event. This requirement aligns with the purpose of accelerated benefits, which are designed to provide policyholders with access to a portion of their life insurance benefits while they are still alive, typically in the event of a terminal illness or a serious health condition. The physician's certification serves as official documentation confirming that the insured meets the criteria set forth by the policy for receiving these benefits.

Without this certification, the insurer cannot ascertain if the policyholder's condition warrants access to the accelerated benefit, thus making it a critical step in the process. In contrast, while other documents such as financial statements or letters from insurance producers may be valuable in various situations, they do not meet the specific medical verification necessary for the payment of accelerated benefits.