Definitions for "Terminal Illness Benefit"
Can be added to some policies to effectively accelerate the payment of a death benefit were you to be diagnosed as having a terminal illness.   back
An accelerated death benefit provided by some individual life insurance policies under which the insurer pays a portion of the policy's death benefit to a policyowner-insured who suffers from a terminal illness and has a life expectancy of 12 months or less.
A terminal illness benefit allows you to claim early on your life insurance policy if you are diagnosed with less than 12 months to live.