Whole life insurance is very customizable of a product to purchase. There are many different varieties of policy riders to meet individual needs. Here is a list of some riders available and what they offer.
Accidental Death
Additional benefit for accidental death in the event the insured passes as a result of an accident. Accidental death could happen on the job or in a vehicle. Adding this rider to your policy can equal the amount of the policy, up to $300,000 at the age recommended by your insurance company.
Child Protection
In case of a parent or guardian becoming disabled, the insurance that was purchased for the child to be insured will be waived or reduced up to a certain age limit based on your insurance provider. The insurance will continue even if the person is unable to work at that job location. Children's life insurance is separate and should be purchased to cover children.
Dividend Option
Provides a lower cost for insurance coverage through the paid up additions option. If the paid up additions are higher, the insurance decreases to provide a balance benefit for death. Within ten years of owning the policy, there is the option to convert it to a whole life insurance or modified premium whole life.
5 Year
Affordable insurance can be gained where the premiums will remain at the same rate during the beginning 5 years. After this time, the premiums can increase and then remain the same afterwards but this is not guaranteed. The annual premiums may increase and can be converted to insurance that is permanent.
Here are some additional riders and information.
• Low cost life insurance that adds coverage and can convert to permanent insurance.
• Insurance exchange option provides the exchange of coverage to the successor on the policy.
• Living benefits policy gives the owner to the insurance access to use in the event of terminal illness that has an expected time to live of less than 12 months.
• Option to purchase paid up addition increases the death benefit protection and builds additional cash value.
• Policy purchase enables the policyholder to purchase new policies on any insured without proof for the insurability.
• Spouse and children are covered under term life insurance if elected to insure for coverage.
• Spouse's paid up offers the benefit of purchasing a new policy with out evidence of insurability at the time of death.
• Upromise allows the deposit of this contribution amount ($25) into the college savings account of designation.
• Waiver of premium is in the event of disability.
There may be exclusions and specific requirements with the purchase of any of these riders. Your interest should be discusses with a local insurance provider in order to get accurate information. Depending upon your physical and life condition, the premiums may be higher or lower as well as benefits from what is listed here. Talking to your insurance provider can provide the most beneficial quote for you when looking for life insurance.