Many people today have life insurance. With it, it is easier to relax about everyday events. If something were to happen to you, you know your family would be covered.
Having that financial burden off your back takes away stress and worry, making it easier to enjoy life as it is. Of course, sometimes, accidents do not take your life away. There are times when something happens that causes you to become disabled in some way.
This could mean a lost limb, losing the ability to walk, or becoming blind/deaf/mute, along with quite a few other things that might happen.
While there are plenty of things to worry about during this situation, one is paying your bills, which includes whole or term life insurance.
This is why there is a waiver of premium rider available to those who want that extra security.
A Disability Could Affect Your Ability to Pay
A disability causes more problems than you may realize. Without the ability to work, you cannot make money. When you have no money, you cannot pay bills. One such bill that might go unpaid as a result is life insurance, but with how important it is, you do not want to lose it.
The waiver of premium gives you the ability to still have insurance without paying your premium. If you are disabled, this will make it so that you do not have to pay premiums but can still have your insurance. If you are able bodied at some point in the future, you still do not have to pay the premiums. Those are never to be paid, not even if you are back to your old self.
Of course, you do not get this for just any disability, at any time. This disability has to, in some way, affect your ability to work. This does not mean you have to have a disability that makes it impossible to work, just one that does affect your work life in some way. You must also be disabled for at least 6 months to qualify.
Qualifying for the Waiver of Premium Rider
If you do qualify for this, it adds quite a bit to your life. With the stress relief, you can focus more on the important things, like recovery and managing your new disability. This makes it possible for you to be a little happier in your day to day life, too. You can be sure that your family will remain secure, no matter what the future holds for you.
Life insurance is always going to be a necessity. If you are disabled and can no longer work, you might be concerned about how you are going to continue payments for life insurance. This situation is why there is a waiver of premium. It gives you the opportunity to keep your life insurance without worrying about paying the premium. As long as you qualify, you can be free of this worry for as long as you are disabled. Once, or if, you are back to your old self, you will not be forced to pay any of the premiums back. You have this as a way to remain secure, relief you need when there is already so much stress going on.
What you need to know about Life insurance and Premium Waiver
Losing that coverage can be devastating and lead to serious complications for your family if anything were to happen to you. There are several different things that you should understand about the waiver of premium rider.
The first thing is that these riders are an optional addition to your life insurance policy. Just because you have a life insurance policy doesn’t mean that you have the premium waiver option. If you want to have the added protection of the waiver, then you’ll have to pay for it.
The other thing that you should know is that not every situation or disability is going to fall under the protection of the premium waiver and you should get a detailed list of qualifications. There are countless people every year that find that their specific situation doesn’t fall under the waiver of premium rider, which can cause serious financial strain to a family, or causes a family to lose their life insurance coverage.
Last, take note of is the waiting period of these riders. Depending on your situation, these policies don’t take effect immediately. You’ll have to be considered disabled for at least six months before you’ll be able to have your premiums waived.
Life Insurance Rates
The additional riders that you purchase to accompany your life insurance plan is going to cause your monthly premiums to go up, but only slightly.
There are plenty of ways that you can make your life insurance policies lower. The best ways is get your policy and rider for the best possible rate is to shop around with different companies before purchasing one. Each company is different and has different ways of calculating monthly premiums, which means that each applicant is going to be viewed differently.
The Importance of Life Insurance
Not many people will argue against the benefits of a life insurance policy, but obviously it needs to fit within your budget. If it’s something you can’t afford, it won’t do you any good.
When seeking a life insurance policy with a waiver of premium rider, it’s important that you get a large enough policy, too. Once you find the perfect company, the next question is how much do you need.
It’s important to know your family will have the coverage that they need. You can’t put a price tag on knowing that your family will not have any additional financial strain if you passed away.