“Waiver of Premium” and Other Benefits Your Life Insurance Policy May Include
“Waiver of Premium” and Other Benefits Your Life Insurance Policy May Include
Although you probably purchased a life insurance policy for the protection it provides in the event of a death, a policy may contain some other surprising benefits.
It May Build Cash Value
Many whole life or permanent insurance policies will build in cash value over time. This cash value can be tapped into at some future time through a low-cost policy loan. It also may be โcashed inโ to redeem it for its accumulated cash value. Ask your agent for a policy status report on your life insurance to determine its present cash value, if any.
It May Provide for Additional Accidental Death Benefits
Frequently, life insurance policies will include accidental death benefits that multiply the coverage amount. For example, if your policy has a $10,000 face value, the policy could potential pay $20,000 or more should the death occur by a covered accident. Our independent insurance agents can quickly determine if your policy has such a benefit.
It May Include Loss of Limb or Eyesight Protection
Life insurance policies have also been known to include โLoss of Limbโ coverage which also may provide a cash payment in the event of loss of eyesight. This benefit is usually a set percentage of the face value. For example, a 25% payment on a $10,000 policy for a loss of limb would pay the policyholder $2,500 should they lose an arm or leg.
It May Contain a โWaiver of Premiumโ Benefit
A โWaiver of Premiumโ benefit pays the costs of the policy while the policyholder recovers from a debilitating accident, injury or illness. It could pay premiums for a few months or in the case of a permanent disability, cover the premiums for the life of the insured. Again, our independent agents can help quickly identify if a policy has such coverage.
In the case of life insurance, you may actually get more than what you think you are paying for. For a life insurance review or to get a quote on a new life insurance policy, contact us. Let us help set you up with the protection you need along with the added benefits you deserve.
Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder
Search All Blogs
Search All Blogs
Read More Insurance Blogs
Decreasing Term Life Insurance: When is it Right for You?
Decreasing Term Life Insurance
How Life Insurance Can Help Pay for College
Life Insurance for College
3 Unique Ways to Use Life Insurance as a Gift
3 Unique Ways to Use Life Insurance as a Gift
What You Need to Know About Life Insurance
What You Need to Know About Life Insurance
How Life Insurance Can Help You Create a Legacy
Life Insurance: A Powerful Tool for Creating a Legacy
Are You Making These Excuses for Not Getting Life Insurance?
Life Insurance Excuses: Are You Making One of These?
Exploring Beyond Life Insurance: Additional Death Benefits You May Qualify For
Additional Death Benefits You May Qualify For Beyond Life Insurance
Term Life Insurance: When Is It the Ideal Choice?
Exploring Life Insurance Options: The Benefits of Term Life Coverage
What is Double Indemnity in Life Insurance?
What is Double Indemnity in Life Insurance?
Pre-Planning a Funeral: Ensuring Peace of Mind and Financial Security
A Guide to Pre-Planning Funerals: Answers to Your Questions