Under what condition is an accelerated (living) benefit payable?

An accelerated (living) benefit is payable when there is a certification by a physician of a qualifying event. This typically encompasses situations where the insured is diagnosed with a terminal illness or has other medical conditions that significantly reduce their life expectancy. The physician's certification is crucial as it provides the insurance company with a medical basis to approve the early payment of benefits, allowing the insured to access funds while still alive, which can be used for medical expenses, living costs, or other needs during a difficult time.

While conditions like reaching retirement age or requesting early access may seem plausible, they do not align with the specific provisions and definitions of accelerated benefits in life insurance policies. The essence of accelerated benefits is tied to the insured's medical condition rather than their age or simply the desire for early access, emphasizing the medical necessity aspect as validated by a physician's input.