Term
| One of the most common supplemental benefits that may be added to nearly all life insurance policies is the Waiver of Premium For Disabilty Benefit - what is this? |
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Definition
| The insurer promises to waive the right to collect premiums that become due while the insured is totally disabled. Premiums are paid by the Ins. Co. The case value continues to increase. This is not offered on Universal Life. |
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Term
| What is the Waiver of Premium for Payor Benefit? |
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Definition
| This was designed for third-parties like juvenile policies. If the policy is issued on the life of a child but paid for the adult and adult becomes disabled, the premiums are waived. |
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Term
| What is the Disability Income Benefit? |
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Definition
| This provides a monthly income benefit to the policyowner-insured if she becomes totally disabled while the policy is in force. This is defined in that the insured is unable to work in any occupation that he or she is suited for. |
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Term
| What is important about the Spouse and Children's Insurance Rider? |
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Definition
| This is a supplemental Life Ins. benefit that provides a term life ins. coverage for the spouse and children. The term ins. expires on children at ages 21 or 25. He can convert this without providing evidence of insurability. |
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Term
| There are two types of supplemental benefits that allow policyowners to purchase additional insurance without the insured providing evidence of insurability - what are they? |
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Definition
| Guaranteed Insurability Benefit and the Paid-Up Additional Option Benefit |
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Term
| What are the differences between the Guaranteed Insurability Benefit and the Paid-Up Additions Option Benefit? |
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Definition
| The Guaranteed option states that a person can purchase additional insurance without being in good health or providing evidence of insurability. The Paid Up option allows the owner of the policy to purchase single-premium paid up additions to the policy on stated dates without providing evidence of insurability. |
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