With the wide array of Life insurance products on the market, how can you be sure that you're getting the best deal for your premium dollar? Although buying Life coverage is a critical financial decision, all too many people choose coverage without taking advantage of the variety of features that can add significant value to their purchase.
According to industry experts, frequently overlooked policy add-ons include:
- Guaranteed purchase option. This feature permits you to buy coverage starting at a specific life event (such as retirement) or on a set date without showing proof of good health.
- Term rider for a spouse or child. You can add coverage for a spouse or dependent child, under the age of 26. In many cases, this option offers significant discounts, compared with the cost of purchasing separate policies.
- Premium waiver. If disability or serious injury leaves you unable to work, the insurance company will pick up your premium.
- Accelerated death benefit. Should you face a terminal illness, you can borrow cash advances against the policy's death benefit. Policyholders often use these advances to pick up the tab for palliative services or hospice care during their final days, relieving the financial pressures on their family or caregivers.
- Long-Term Care rider. Some policies allow you to use policy benefits for long-term medical care in return for reducing the death benefit.
You might also be eligible to benefit from other Life policy options.
Our insurance professionals would be happy to provide a review of your needs and tailor coverage that offers the best value at an affordable price. Just give us a call.