What Additional Life Insurance Benefits Are Available?

Additional Life Insurance BenefitsThe value and flexibility of life insurance frequently can be enhanced by additional life insurance benefits, such as:

Waiver of Premium Benefit

Often referred to as a“self-completing”feature,thewaiverofpremium benefit allows premiums on a life insurance policy to be waived if the insured becomes disabled, as defined in the policy. The waiver of premium benefit generally is available for a small extra premium.

Accelerated Death Benefits

Many life insurance companies make it possible for policyholders to collect all or a portion of a policy’s death benefits early, if the policyholder is terminally ill, stricken with a specified catastrophic illness or requires long-term care.

Accidental Death Benefit

For a small additional premium, the insurance company will pay an additional death benefit in the event of the insured’s accidental death.

Option to Purchase Additional Insurance

In return for a small extra premium, the option to purchase additional insurance guarantees *the right to purchase additional insurance on the insured’s life at
specified future dates, regardless of the insured’s health or occupation at that time.
* Guarantee is based on the continued claims-paying ability of the insurer.

Life Insurance/LTC Hybrid Plan

A life insurance/long-term care “hybrid” plan combines the benefits of a life insurance policy with the availability of long-term care benefits should you need them in the future.

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About The Author

Richard Eddy

Founder of Rates4Term.com and Cona Financial Group Richard Eddy has been assisting clients with their life insurance needs since 2005. He is an expert helping people find the right policy to fit their specific situation. In addition to insurance planning, he is also experienced in a wide range of financial planning topics including investment and portfolio analysis, tax planning, retirement planning and estate preservation strategies. You can call Richard toll-free at (877) 883-3561.