A standard life insurance policy provides a death benefit to your beneficiary when you die. But living benefits on a life insurance policy are benefits you can use while still alive.
If you buy term life insurance, you usually have the option to customize your policy with several living benefit options. A permanent (whole) life insurance policy can include the same living benefits, with the added benefit of cash value access. Depending on your situation, you may not need living benefits. A standard term life insurance policy without living benefits is often the cheapest option and may be the best choice for people in this situation.