Optional Policy Benefits
Besides the accidental death benefit rider, a waiver of premium rider can be added to your policy for only a few cents more per month per thousand dollars of insurance coverage. If you become seriously ill or injured and cannot work, you may not be able to pay your policy premium. A waiver of premium benefit makes it unnecessary for you to pay premiums as long as you remain disabled according to the definition of disability found in your policy. You must remain disabled at least six months in order to collect this modest disability income benefit.
If your policy has an accelerated death benefit provision, it will pay you, under certain conditions, the policy’s death benefit while you are still alive. If your life insurance policy contains this type of benefit, you can receive a portion of the death benefit early if you have a terminally ill condition and a short time to live. You may want to review this with a tax consultant before exercising this option.
There are too many options and riders available with life insurance policies
to list them all here. The important thing to remember is to read your policy,
including riders and endorsements, carefully and ask questions if there
is anything you do not understand.