Additional benefits

Most companies offer some optional benefits on their life insurance products. The following are some of the most common.

Waiver of Premium

The insurance company will pay your premiums if an accident or illness prevents you from working. It is important that you understand the insurance company’s definition of disability and how long you must be disabled before this benefit can be exercised.

Guaranteed Insurability Option

This optional benefit allows you to purchase additional insurance without providing proof of good health.

Accidental Death Benefit

For a small premium, you can have additional coverage that will pay a death benefit in the case of a fatal accident. While this may appear to be a good way to purchase inexpensive insurance, keep in mind that if you die from any other means, this benefit will not pay out. It is not recommended that you rely solely on accidental death benefit coverage to protect your family or your business.