Among the options mentioned, a living benefit commonly associated with a life insurance policy is the Accelerated Death Benefit (ADB). The Accelerated Death Benefit is a provision that allows policyholders to access a portion of their life insurance benefits while they are still alive, under certain qualifying circumstances. This benefit is designed to provide financial assistance to policyholders facing specific medical conditions or terminal illnesses.

With the Accelerated Death Benefit, if the policyholder is diagnosed with a qualifying medical condition. This lump sum can be used to cover medical expenses, long-term care costs, or any other financial needs that may arise due to the illness.

It's important to note that accessing the Accelerated Death Benefit will typically reduce the overall death benefit that beneficiaries receive upon the policyholder's passing. The specifics of the Accelerated Death Benefit option can vary between insurance policies and providers, so it's crucial for policyholders to thoroughly understand the terms and conditions associated with this living benefit option within their particular life insurance policy.

The waiting period on a waiver of premium rider in a life insurance policy refers to the duration a policyholder must wait after becoming disabled before the rider becomes active. The waiver of premium rider is a valuable provision that, when activated, exempts the policyholder from paying premiums during a period of disability. This rider helps ensure that the life insurance coverage remains in force even if the policyholder is unable to work due to a covered disability.

The waiting period, also known as the elimination period, can vary depending on the terms of the insurance policy and the specific rider. It typically ranges from several months to a year. During this waiting period, the policyholder must continue paying premiums as usual. Once the waiting period expires and the policyholder remains disabled, the waiver of premium rider takes effect, and the insurance company waives the ongoing premium payments for the duration of the disability, ensuring that the life insurance coverage remains intact.

It's essential for policyholders to carefully review the terms and conditions of the waiver of premium rider in their life insurance policy, including the waiting period, to understand when and how the rider will come into effect in the event of a covered disability. This information allows individuals to make informed decisions about their insurance coverage and provides financial protection in the face of unexpected life events.