Do you have life insurance? If not you should most definitely get some sort of life coverage. Nothing can truly replace you should an unforeseen tragedy occur, but you can protect your loved ones. After you have sifted through the myriad of paperwork, had your physical, had time to compare term life insurance quotes and have decided on a company that you think will suit your life insurance needs, you will need to think about how much to purchase and your premiums. There are various options available but everyone who purchases a life insurance plan should consider a waiver of premium.
You may be asking yourself what exactly a waiver of premium is. A waiver of premium is an extra option you can purchase on top of your life insurance policy. It protects you in the event of serious illness or injury. You need to consider how your premiums will be paid if you are disabled in an accident or you develop a serious illness which makes it impossible for you to continue working. By purchasing this option your insurance company will agree to pay your premiums for you.
You may be asking yourself, is this really necessary? Ask yourself this question. Why did you purchase life insurance to begin with? Most likely to protect your family and other loved ones should you die. How effective is that policy going to be if you are disabled through accident or illness and you have to stop work? You may experience financial difficulty. You may find it a struggle to pay your premiums and your policy could lapse. The life insurance policy you initially purchased will be of no use to your loved ones then.
You may be wondering how this waiver of premium will affect your current life insurance costs. A waiver of premium is an extra cost on top of your standard life insurance policy. Your monthly premium will go up but only slightly. This will of course vary across life insurance companies but most will make it worth your while to buy it. Some offer it for as little as 2 percent on top of your normal policy.
You may be wondering what defines serious illness or injury. This will certainly be different for various insurance companies. Some will begin paying your premiums once you have been out of work for 6 months, some may impose a longer length of time. The terms and conditions are set by the individual insurance company and you should research this until you find something you are comfortable with.
Everyone, regardless of age, health or financial status should consider purchasing a waiver of premium option on their life insurance. None of us knows what the future holds. You may be healthy one day but a simple twist of fate could alter that dramatically. With very little added cost added, your financial well-being could be protected in the event of an unforeseen tragedy. Why put yourself and loved ones through unnecessary financial worry when a waiver of premium option could offer all of you protection and peace of mind? Compare term life insurance quotes and purchase term life insurance now.