Does using an accelerated benefit reduce what beneficiaries receive?

Yes, the remaining death benefit is generally reduced by the amount advanced and any applicable charges. When evaluating the policy, accelerated death benefits may allow an insured person to receive part of the life insurance benefit while living after a qualifying terminal or serious condition. When evaluating the policy, eligibility, amount, fees, taxes, and effects on public benefits depend on the policy and circumstances. The estate plan and the insurer's beneficiary forms need to be reviewed together, because the designation on file with the insurer generally controls who receives the policy proceeds.