“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
Search All Blogs
Search All Blogs
Read More Insurance Blogs
Should You Have Life Insurance? HINT: Ask Your Spouse
Odds Are Your Spouse Would Want You to Have More Life Insurance Coverage
Is Life Insurance a Part of Your Financial Plan?
Why Life Insurance Should be a Part of Your Family’s Future
The Power of Color
How Color Affects Your Attitude and Emotions
Addressing Some of the Most Uncomfortable Topics in Life Insurances
The Answers to Some Tough Life Insurance Questions
Improving Your Life by Improving Your Sleep: All About Mattresses
The Foundation to a Better Night’s Rest
Why It’s Important to Review Your Life Insurance
Once You Buy Life Insurance, It May Not Be a Good Idea to Ignore It
Can Healthcare Be Interesting?
Some Stats Can Help Us Understand Healthcare Just a Bit Better
Life’s Challenges and Rewards
The Hills and Valleys Are Just a Part of It
How Many People…
Odd and Interesting Facts About All of Us
The Biggest Factors Impacting Life Expectancy
How Long Will You Live?