When you buy a car, you have to make decisions about certain options or customizations such as power windows or doors, a stereo or custom CD changer and so on. When selecting the type of life insurance vehicle you would like to purchase, it is also important to understand the additional benefits and coverage options that may be available to you. These options include:
Savings and InvestmentLife Insurance: This covers your future needs and assets, and protects the future interests of your family. Several people also use life insurance as a form of investment, whether saving for their child’s education, preparing for retirement, or adding to the value of their estate. They may also use it as an backup in case of a financial emergency. Read more about Savings and Investments.
Waiver of Premium: When purchasing life insurance, there are many benefits and add-ons you can include in your policy. One of these, the waiver of premium benefit, usually purchased with disability insurance, can be an extremely cost-effective addition. The waiver of premium benefit allows the insured to temporarily or permanently cease payment of premiums without loss of benefits in the event they become disabled. Read more about Waiver of Premium.
Disability Income: This is a benefit that provides the insured with a portion of their income if he or she becomes either temporarily or permanently disabled due to illness or injury. Read more about Disability Benefits.
Dismemberment Benefit: This is a type of rider, or add-on, pays out in the event that you are injured or dismembered in any way, as long as it is covered under the policy. Dismemberment benefits are most often provided for or purchased by people who work in heavy industries, who face a certain degree of danger in their work each day. Read more about Dismemberment Benefits.
Accidental Death Insurance: Provides a benefit for your family upon your untimely and accidental death. These policies are quite specific as far as a time frame and what constitutes accidental death. Read more about Accidental Death Insurance.
Long-Term Care Benefit: A life insurance rider policy that provides the insured with the funds to pay for any necessary long-term assisted care, and can be an extremely beneficial policy to buy. Read more about Long-Term Care Benefits.
* My-Life-Insured.com provides free information concerning insurance products and services but is not an agency or an insurer. Not all products and services are available in all states, and no guarantees regarding same are made herein. Please speak to your insurance agent for more information.
Less than half (47%) of U.S. households own individual life insurance. Don't be one of them. Safeguard your assets and protect your loved ones by finding a life insurance policy that fits your needs.