Even though many people have insurance policies, they often have overlooked life insurance policy features. In this article, we will go over 5 overlooked life insurance policy features so you can take advantage of them.
Waiver of Premium
If your policy has this feature, your insurance company will waive your premium if you are seriously ill or disabled. This will keep your policy from lapsing if you never need premium funds for other vital reasons.
Accelerated Death Benefit
This feature will give you cash advances from your death benefit in the instance that you are diagnosed with a terminal illness. The advancement of funds can help you to pay bills if you are too ill to work.
Guaranteed Purchase Option
A guaranteed purchase option is a very useful feature. It allows you to purchase additional coverage for yourself at specified later dates. This can be done without having to prove you are in good health. Such a feature will allow you to increase your death benefit at a reduced cost and without the fear that the state of your future health disqualifying you.
Long Term Care Riders
With a long-term care rider, you can sue your death benefit to help pay for long term care. However, your death benefit will be reduced. But it is a very helpful way to pay for long term care that is not out-of-pocket.
Spouse or Child Term Riders
If your policy has a spouse and/or child term rider you can add on term policies for your spouse or dependent children. You can purchase one of these policies on a child up to 26 years old. This rider gives you the opportunity to purchase more affordable cover compared to purchasing separate policies.
Take Full Advantage of Your Life Insurance Policy
You can take full advantage of commonly overlooked life insurance policy features. One of the vest ways to keep on top of this is to familiarize yourself with your policy and make sure you always have a copy of it handy.
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