What is a common use of the accelerated death benefit feature?

The accelerated death benefit feature is commonly used to allow policyholders to access a portion of their life insurance policy's death benefit while they are still alive, particularly when faced with a terminal illness. This provision provides critical financial support during a challenging time, enabling the insured to cover medical expenses, pay for long-term care, or fulfill other financial obligations that may arise due to their condition. The key advantage of this feature is that it allows individuals to utilize the death benefit to relieve the financial burden on themselves and their families at a time when they may need it most.

In contrast, securing lower premiums typically involves choosing different policy options or riders at the outset, rather than utilizing an accelerated benefit. Permanently changing the insured is not a purpose associated with the accelerated death benefit; rather, it focuses on the financial aspect of the policy while the insured is alive. Avoiding policy lapse generally refers to ensuring that premium payments are made to keep the policy active, which is unrelated to the accelerated death benefit feature's primary function.