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Friday, March 12, 2010
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FAQ’s: Life Insurance
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Call us at (800) 940-3002
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What riders/options/features are available on life insurance policies?
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The following riders/options/features are available with some
life insurance policies
- Conversion Feature – allows the owner of a term life insurance
policy to exchange (or convert) the policy to a permanent life insurance plan (whole
life or universal life) without evidence of insurability.
- Spousal Discount – if both a husband and a wife or two business partners
purchase life insurance at the same time, then a discount will be deducted each
year from the total cost of both policies.
- Children’s Insurance Option – provides term life insurance coverage on each
child of the insured’s family.
- Accelerated Death Benefit - accelerates the availability of a portion of
the death benefit if the insured is diagnosed as terminally ill by a licensed physician
(must be terminal within 12 months).
- Waiver of Premium Option - the insurance company will continue to make your
life insurance premium payments if you become disabled.
- Accidental Death Benefit Option – an additional death benefit will be paid
if you die by accidental means.
- Guaranteed Purchase Option - guarantees that you may purchase additional
life insurance in the future without proof of insurability
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