Diagnosed with brain cancer 1 month after term life policy started.

Hello everyone,

I started a new job in April. As part of my benefits I opted in for a term life insurance policy. My employer covering one years worth of my salary to be covered and paid for under their life insurance plan. I have also opted to have an additional 200k of optional coverage. The policy is with Lincoln financial group. I have an accelerated death benefit and conversion/portable benefit.

One month after starting this job and having this benefit I was diagnosed with terminal brain cancer. The prognosis the doctors have given me is 2-3 years.

Questions

-would I be able to use the accelerated death benefit to cash out my life insurance, for both the employer sponsored coverage and the optional coverage I purchased?

Is it an issue that my policy has only been in force for 1 month. I can prove this was not a preexisting condition. Everything occurred after I began employment and once the policy was incepted.

what tax implications would I be subject to if I were to take advantage of the accelerated death benefit.

if I quit my job and converted the policy, would I be able to convert the full amount of my policy(employer amount + my optional coverage), or only the optional coverage I opted in for.

Thank you for reviewing.

submitted by /u/Open_Perspective9957
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