Medicine keeps getting better and people keep living longer and longer. The fact that so many live until retirement age, when, ideally, the children have grown up to become financially independent, makes the death benefit less important than it used to be.

If a person dies prematurely, the payout on their insurance policy is crucial. Especially if they are leaving behind a young spouse and children. There are, however, circumstances when it makes more sense to get the death benefit while the benefactor is still living.

These scenarios are sometimes built into the policy. Other times, they must be added as a rider to the policy.

Expiration Date

Do you want to collect your death benefit, or a portion of it, when you retire? It is possible to set a date in your policy when the money the beneficiary of the policy would have received is freed up for the policyholder.

Say you think, By the time I'm 80 years old, my kids will be grown up, their educations paid for, and they will have stable jobs. They won't need the money. So can I get it back then?

Talk to your insurer about setting an Expiration Date in your policy.

Living Benefit

This is condition of the policy that allows a portion of the benefit to be paid as a sum to the insured while he or she is alive. It can also be a rider.

With a living benefit, it is not possible to collect the whole death benefit. The remainder is saved to be paid to the beneficiary upon death.

Terminal Illness

One way to collect on your policy is if you are terminally ill and need some or all of the death benefit to pay medical bills. Rather than allowing the expense of treatment to be an added strain on the family while you are dying, the death benefit can be used to pay for treatment, hospitalization, and even hospice care. This is the relief for you and yours that insurance is made for.

With some providers, you can even use the money to pay for things on your bucket list. Take that trip to Tibet that you've always imaged. What is insurance for if not to help people find more happiness? After all, money is a means to an end.

You will have to provide medical proof that your condition is terminal.

A Part of Your Portfolio

Life insurance can be part of your financial portfolio. While it accrues less than it would in a bank, your premiums will build up some interest over time. Compared to stocks and bonds, it isn't much. However, rather than taking the risk that your investments will go bust, your family actually gets added security with life insurance.

Take Action

Remember: it's your life, your death, and your money. Make it work for you and your family.

It is easiest to add these things onto a new policy. If you haven't taken out a policy yet, start looking online for cheap life insurance by using free quotes. Check some consumer reviews and check with the insurance provider that interests you to see if these things are possible in their policies.