Life insurance comes in many varieties and coverage levels. Being able to add onto your insurance policy is one of the most important options you can have. But remember that adding extras for your life insurance policy will almost assuredly add to your overall monthly premium cost. If you need the extra coverage – and you can afford to do this – the coverage is usually a good value. Some extras that are most popular with policy holders can include some or all of the items listed described below. Life insurance companies offer these extras in an effort to provide the most comprehensive coverage plans for you and your family.
The Waiver of Premium Extra Explained
The waiver of premium option allows you to skip premium payments for a specified time for reasons such as injury of illness. Even though no premium payments are being made, the coverage is still in effect – even for other family members. Another extra along these lines is the critical illness cover which takes effect in the event of a critical illness such as cancer. Part of the maturity amount of the policy is paid out in a lump sum to help with medical services or drug plans.
Add-ons Are Generally Worth the Extra Expense
Another extra you should look at is the accidental death benefit, which provides a large monetary coverage level to beneficiaries in the even of the accidental death of the policy holder. For a very modest rise in premium, coverage of up to a million dollars can be added on to the existing policy benefits. In the case of a terminal illness, the accelerated death benefit extra allows the insured person or their spouse to collect coverage benefits that will aid in the well-being and comfort of the terminally ill person. The amount forwarded will be deducted off the total payable amount upon the death of the insured.
photo credit: VirtualErn