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Life Insurance Riders Riders are amendments which can be added to a life insurance contract. Attaching riders to a life insurance policy before it is purchased is one way to tailor a the policy to the customer's needs, similar to electing factory-installed options on a new car. Typically, the attachment of a rider to a policy will raise its cost. Common riders A spousal rider effectively converts a single-life insurance policy into a multiple-life insurance policy, providing coverage for both you and your spouse. A child rider works like the spousal rider but extends coverage to an offspring rather than to a spouse. A disability rider augments the coverage of a life insurance policy so that it provides a benefit if the insured becomes disabled, even though such is a non-lethal event. A return of premium rider (ROP) effectively converts an ordinary term life insurance policy into ROP life insurance. At the conclusion of the term of coverage, if the insured is still alive, the policy owner is remitted the sum of all his premium payments. A waiver of premium rider stipulates that your insurance company will waive your premiums in the event that you become disabled. A guaranteed no-lapse rider is attached to a universal life insurance policy and relieves the policy owner of responsibility to monitor his cash value. This rider comes with a required payment schedule, effectively hybridizing the universal policy with whole life insurance. So long as the policyholder adheres to the payment schedule, the policy will not lapse. A no-lapse guaranteed death benefit rider produces the same result as a guaranteed no-lapse rider, freeing the policy owner from responsibility over his cash value growth, but the two riders differ in the machinery used to accomplish this end. A long-term care rider works much like a disability rider in augmenting coverage to pay a benefit even for a non-lethal event. In this case, the benefit will be paid if the insured comes to require long-term care. This may or may not coincide with debilitation. An accelerated death benefit rider (including chronic or critical illness) provides access to a part of the death benefit, which can then be used as living benefits.

We Specialize in Specialized Risk!! Tough Case? You’ve Come to the Right Place. The list below represent only a small portion of the specialized risk questionnaires we make available to our agents. These forms can also be retrieved online by logging in to our website and visiting the Underwriting section of our website at www.dworkin.com. Print and complete a General Purpose Impaired Risk Questionnaire (or any of the specific questionnaires available) then fax your request to (603) 332-0955 or email to [email protected] for a quick assessment. Most Common Specialized Risk Questionnaires Alcohol Questionnaire Depression Questionnaire Diabetes Questionnaire General Purpose IR Questionnaire Tobacco Questionnaire Adjustment (Situation Depression) Questionnaire Armed Forces Questionnaire Aviation Questionnaire Avocation Questionnaire Build Questionnaire Foreign Residence / Travel Questionnaire Mental Disorders Questionnaire Drug Use Questionnaire Driving Violations Questionnaire Impaired Risk Underwriter - Specialized Risk often refers to an Impaired Risk case where your client has a health issue (Heart attack, cancer, build, etc.) or hazardous occupation or hobbies (Race car driver, pilot, SCUBA diver, etc.) and will not qualify for standard and above class ratings. We place some of the most difficult cases and insure Impaired Risk clients get the much needed coverage. We have access to expert impaired risk underwriters to get you the best offer! We have intimate knowledge of how each carrier treats impaired risk cases. We look for the best option for your clients who have any impairment. Our expertise is our ability to analyze your most challenging risks and negotiate as aggressively as possible for your benefit. If you’re tired of letting your clients know they are declined or can’t get your client an affordable rate, contact DAI, we are here to help you.

When choosing a life insurance policy for a child, there are a number of important factors that need to be considered. The amount of the premium and the type of coverage being offered are two factors that must be taken into account. Whole Life Insurance When looking for a life insurance policy for a child, whole life insurance offers advantages that other forms of life insurance do not. The primary benefit to a whole life insurance policy for a young child is that the coverage period never ends with a whole life insurance policy. With a child, whole life policies will be there to provide the desired benefit, whether they live to be 40, 70, or 100 years old. These policies build a cash value as the policy matures, giving the policyholder an investment vehicle to borrow against as their needs warrant. Because this cash value builds over the life of the policy, the amount of money invested per payment can stay fairly low, with the increasing cash value of the policy coming from the benefit of long-term investment strategies Whole Life for Children: More Than Just Death Benefits Guaranteed Insurability. It is the right to buy reasonably priced insurance at certain times or events in the future, even if you become uninsurable. The increased coverage is available regardless of health factors, avocation, occupation or geographic circumstances. Even after your child grows up, they won't outgrow properly selected guaranteed insurability. You buy the amount of permanent coverage you need now and attach a special rider known as the Option to Purchase Additional Insurance, or OPAI. Then, at specified ages or life events such as marriage and the birth of children, your child may buy a specified amount of coverage at standard premium rates for their age and gender, no questions asked.

Chronic Illness Insurance Did you know that you could use your life insurance to meet chronic illness and other expenses? Changes in federal tax laws have made the prepayment of death benefits under a life insurance policy possible. Most new life insurance policies have a feature or rider, which provides access to a part of the death benefit, which can then be used as living benefits. Chronic illness means inability to perform at least two activities of daily living (eating, bathing, continence, dressing, using the toilet, or transferring) or severe cognitive impairment that requires substantial supervision from another person to protect from threats to health and safety. A life insurance policy with one of these newly developed riders or a long term care rider can provide policyholders with benefit payments to help cover their care. With long term care riders and others that offer additional benefits, an insured suffering from a permanent chronic illness can gain access to his or her cash value plus a portion of the “net amount at risk” (difference between the death benefit and cash value). The portion of the net amount at risk that can be advanced depends on the policy and the insured’s age at onset of the chronic illness. Generally an individual would need to wait for sometime before benefits can be obtained. However some states have laws that prohibit such waiting periods. The insured can use the benefits in any way they want, regardless of actual expenses incurred for treating the chronic illness. Such policies may not work if you have limited financial means or if you are on Medicaid. Such policies build value making them an asset that could prevent clients from Medicaid eligibility. Accelerated Death Benefit If you should become seriously ill you may accumulate some very large medical expenses. Some life insurance companies have made it possible to collect an accelerated death benefit during your lifetime if such a condition should arise. What these companies are doing is allowing the insured to collect part of their death benefits before they die. Some insurance companies offer the benefit as part of a policy, with the additional charge built into the death benefit cost. Others make the benefit a rider, also for an additional charge. Accelerated payments made to the beneficiary can be made in monthly installments or in a lump sum, depending on the company. Upon the death of the recipient, or policy owner, the balance due goes to the beneficiary.

Survivorship Life Insurance Survivorship Life Insurance, also known as Joint and Survivor Life Insurance or Second to Die Life Insurance, are insurance policies that insure the lives of two people, typically a husband and a wife. The death benefit is not paid to the beneficiary until the death of the second insured. These survivorship life insurance policies are generally available as either whole or universal life policies, and often provide more affordable life insurance than two separate policies. An Estate Planning Solution and Estate Planning Tool The reason a survivorship life insurance policy doesn’t pay until the second person dies is that it is designed to pay or assist paying for estate taxes. Estate taxes can be delayed until both spouses die thus the design of these special insurance policies. Survivorship life insurance policies are effective tools often used by wealthy individuals in estate planning. By removing the proceeds of a life insurance policy through the use of gifting and placing policies in third party ownership such as a trust or in the name of children, a joint and survivor policy can be used to pay for estate taxes.