The Need For Waiver Of Premium Life Insurance
Do you have disability insurance in place? If not
, take a look at these statistics from the Council for Disability Awareness:Just over 1 in 4 of today's 20 year-olds will become disabled before they retire.
Over 36 million Americans are classified as disabled; about 12% of the total population. More than 50% of those disabled Americans are in their working years, from 18-64.
8.3 million disabled wage earners, over 5% of U.S. workers, were receiving Social Security Disability (SSDI) benefits at the conclusion of March, 2011.
In December of 2010, there were over 2.5 million disabled workers in their 20s, 30s, and 40s receiving SSDI benefits.
With the odds of needing disability insurance so high, dont put off purchasing coverage for longer. Check with your employer or look up an aggregator website that sells short and long term disability insurance online for quotes and rates youre eligible for. But what does disability insurance have to do with Waiver of Premium life insurance?
Life insurance is an important part of every familys financial plan. Without any life insurance cover, families can be torn apart and disintegrated by financial hardships, especially if the breadwinner of the family dies without leaving behind a contingency plan or savings that the family can survive on.
Life insurance can be tweaked to accommodate a familys special needs. For instance, children and spouses can be added as riders to a single policy to ensure at least minimal coverage to pay for funeral bills. Some policies allow the inclusion of riders that will pay out an early death benefit if the insured is diagnosed with a terminal illness and is not expected to live beyond 12 months. This can help pay for huge medical bills or perhaps some time spent with the family together that would have been impossible without such a provision. The Return of Premium rider gives you back the money you paid into premiums once term life coverage ends. Riders like these help your life insurance policy do more than just protect financial loss due to death. They help close gaps in your financial plan and make sure that extraneous needs are taken care of for additional nominal needs, and sometimes, even free.
The Waiver of Premium is a free rider that comes in handy in disability scenarios. If you have been off work for six months or more due to a disabling condition (the period officially marking a long term disability), this rider kicks in by keeping your accuquote term life insurance policy in effect despite the absence of premium payments. An essential rider that can help cover you in your time of greatest need, this should be activated at the time of purchasing a policy. The best life insurance company will pay your premiums until you are ready to go back to work. This policy is now also available to stay-at-home moms, so dont shy away from activating it even if you dont have a job that may put you at a greater risk for disability insurance. After all, your family would suffer monetarily if you were not around, especially with young children who rely on you for a lot of their needs and care.
Here are some of the features of Waiver of Premiums riders:
Available on face amounts up to $1,000,000 for non-working homemakers, and available on higher amounts for working individuals.
Underwritten up to a Table 4 rate class
Waiver of Premium Rider can be issued up to age 55
Covered disabilities must begin before age 60
After a six month waiting period, premiums will be waived, and all premiums paid during the six month wait will be refunded
If you are interested in the Waiver of Premium rider on your policy, talk to your agent or look up quotes on an aggregator website that sells Waiver of Premium term life insurance. Ask questions like How long will this rider cover disability?, What restrictions on disabilities apply? and Does my rating affect the ability to use this rider? This simple but important rider can help cover your family in dire straits and help you have some peace of mind even in the midst of trouble and pain.
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