“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 “cashed in” 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 “Loss of Limb” 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 “Waiver of Premium” Benefit

A “Waiver of Premium” 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

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Search All Blogs

Search
Generic filters
Exact matches only
Search in title
Search in content
Search in excerpt

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Want to learn more about
our blog writer?

Read more about KayLynn's background.

Search All Blogs

Search
Generic filters
Exact matches only
Search in title
Search in content
Search in excerpt

Life Insurance Is Not About You

There are Many Good Reasons to Get Life Insurance. You May Not Be One of Them.

Four Needs Life Insurance Can Help Fulfill

Life Insurance May Be More Versatile Than You Think

Term Insurance: Big Protection at Affordable Rates

If You Are Entering a High Responsibility Portion of Life, Term Insurance May be the Answer

Funerals, Life Insurance and Flowers

How Funerals Have Changed in Recent Years

The Difference Between Burial Insurance and Life Insurance

Do You Have Sufficient Life Insurance for Your Situation?

Why a Million Dollar Life Insurance Policy May Not Be Enough

The Time When a Million Dollars in Life Insurance May Have Seemed a Bit Much

Creating a Life Insurance Inventory

What Do You Want Your Life Insurance Proceeds to Accomplish?

Life Insurance: Why Waiting Limits Your Options

Waiting to purchase life insurance just may limit your options. Here’s how to maximize your choices when buying life insurance.

Five Cents a Week for Life Insurance? Wait…There’s more!

There Was a Life Insurance Version of the Milk Man and Home Doctor Visit

The Difference Between Term Life Insurance and Permanent Life Insurance Explained

This is a Great Way to Start with Life Insurance

Leave a Comment