When to Go Beyond Basic Life Insurance
If you have life insurance coverage, congratulations. Far too many people haven’t taken this basic step in ensuring that their families are protected. However, one question that you need to ask yourself is, “Do I need more than basic life insurance?”
Many people purchase only a basic life insurance policy – a policy that pays out a set amount in the event of the insured’s death. Life insurance policies can offer protection for more contingencies, however, and consumers would be wise to consider some of the additional protections that life insurance policies can provide.
Some riders to your life insurance policy that you may want to consider include:
- Waiver of premium rider – This rider will ensure that you don’t have to continue paying your premium to keep your life insurance in effect if you become disabled. Many people who become disabled suffer a sharp drop in income, forcing them to drop their life insurance policies because they are unable to pay. This rider will keep your policy in force.
- Guaranteed insurability rider – This policy allows you to increase the amount of insurance you have without a medical exam. Your health may change as you get older, as may your finances. Having the flexibility to increase your coverage without undergoing an exam that may result in a denial can help you ensure your family is taken care of after you die.
- Critical illness rider – This rider will ensure that you are paid an agreed upon amount if you develop certain life-threatening illnesses such as cancer, kidney failure, heart attack, stroke, etc. This helps you keep yourself and your family out of debt should you fall seriously ill.
- Term conversion rider – Under this rider, you have the option of converting a term policy into a permanent policy at the end of the term policy’s life. This helps young professionals avoid the hassle of a medical exam and other hoops insurers want older consumers to go through to get a policy.
EQUOTE connects people searching for quality, affordable life insurance with some of the best insurers in the industry. For consumers searching for hassle-free, no medical exam, instant issue, term life policies, EQUOTE can help them find the right policy that will provide the peace of mind their families deserve.