Everyone wants to save money, especially when buying insurance.
After all, think of the many insurance policies a person needs in their life.
The law requires you to have car insurance.
Your mortgage company requires homeowner insurance.
Then, there are the optional insurance policies.
Health and life insurance are the front runners.
Long Term Care is next.
Followed by the plans you are offered to purchase at work.
These usually include short term and long term disability, cancer or critical care insurance, and accident insurance, Speaking of work, your employer, who hopefully pays most, if not all, of your health insurance premium, must carry workers compensation and business owner insurance.
The business owner coverage consists of liability, property damage, and "fire and theft".
Then, of course, the vehicles must be covered; the buildings and equipment, also.
Don't forget the specialized liability coverage for "Errors & Omissions".
Oh my, I'm an insurance agent and almost forgot about the "business continuation" insurance and the Environmental coverage.
After reviewing what's written above, I'll mention to you the forgotten insurance rider; but if you don't want to add it on to your life insurance policy, I'll understand.
In an effort to save money and to give people the least expensive life insurance policy possible, very few people discuss the "waiver of premium" rider on a life insurance plan.
The insurance agent who is just looking to make a sale, will just talk price.
This valuable rider is offered at a ridiculously low premium for the young person.
The waiver of premium guarantees that should you become disabled for six months and are unable to pay your life insurance premiums, the insurance company will pay your premiums for you for the rest of your life.
I write this article because I've seen this benefit in action.
A relative purchased the rider, was permanently disabled and had his premium waived for many years.
His was a whole life plan, so not only were the premiums waived, but also, he was able to use the cash value and dividends to supplement his income prior to his death.
If you purchase a term policy this rider is more valuable because a disabled person with limited income would find it very difficult to pay renewal premiums after the age of 70.
If you meet with a professional insurance agent, you can plan properly.
Disability insurance properly set up could alleviate the need for this forgotten, but valuable benefit.
After all, think of the many insurance policies a person needs in their life.
The law requires you to have car insurance.
Your mortgage company requires homeowner insurance.
Then, there are the optional insurance policies.
Health and life insurance are the front runners.
Long Term Care is next.
Followed by the plans you are offered to purchase at work.
These usually include short term and long term disability, cancer or critical care insurance, and accident insurance, Speaking of work, your employer, who hopefully pays most, if not all, of your health insurance premium, must carry workers compensation and business owner insurance.
The business owner coverage consists of liability, property damage, and "fire and theft".
Then, of course, the vehicles must be covered; the buildings and equipment, also.
Don't forget the specialized liability coverage for "Errors & Omissions".
Oh my, I'm an insurance agent and almost forgot about the "business continuation" insurance and the Environmental coverage.
After reviewing what's written above, I'll mention to you the forgotten insurance rider; but if you don't want to add it on to your life insurance policy, I'll understand.
In an effort to save money and to give people the least expensive life insurance policy possible, very few people discuss the "waiver of premium" rider on a life insurance plan.
The insurance agent who is just looking to make a sale, will just talk price.
This valuable rider is offered at a ridiculously low premium for the young person.
The waiver of premium guarantees that should you become disabled for six months and are unable to pay your life insurance premiums, the insurance company will pay your premiums for you for the rest of your life.
I write this article because I've seen this benefit in action.
A relative purchased the rider, was permanently disabled and had his premium waived for many years.
His was a whole life plan, so not only were the premiums waived, but also, he was able to use the cash value and dividends to supplement his income prior to his death.
If you purchase a term policy this rider is more valuable because a disabled person with limited income would find it very difficult to pay renewal premiums after the age of 70.
If you meet with a professional insurance agent, you can plan properly.
Disability insurance properly set up could alleviate the need for this forgotten, but valuable benefit.
