Waiver of Premium Rider (WP): An optional policy rider that provides for the continuation of life insurance coverage without further premium payments if the insured becomes totally disabled.War Clause: A provision in a life insurance policy excluding the liability of an insurance company if the ...
Another popular rider is a waiver of premium benefit. This rider waives the premium payment if you are unable to make payments due to a qualifying event. The rider guarantees that your policy will remain in effect even if you don't pay the premiums. Whole life ins...
The Death Benefit is based on: the Death Benefit Option in effect on the date of the Insured's death; any increases or decreases to the Face Amount; and the amounts, if any, payable under anyOptional InsuranceBenefit rider. Except as provided under Section 2(a)(i) of this Separation Ag...
Riders are optional features that you can add to a life insurance policy. They can provide extra coverage and protection, but they can also be expensive and unnecessary. That’s why it’s important to avoid riders you don’t need. One type of rider that is often unnecessary is the acciden...
Before you choose a long-term care insurance plan, it’s important to familiarize yourself with the three most common policy options: traditional long-term care insurance, hybrid long-term care insurance and life insurance with a long-term care rider. Each type offers specific benefits and covera...
Provided policy premiums are not being waived under this rider on the insured’s 65th birthday, this rider will terminate on that date. If premiums are being waived on the insured’s 65th birthday, we will continue to waive the premiums until the earlier of the termination of the policy or...
“all sums” method is vertical exhaustion – meaning that a single primary policy may be required to respond to the long term loss up to its policy limits, at which time the excess coverage above that policy is pierced on an all sums basis. The Court rejected the argument that horizontal...
Policy rates that vary based on your age and general health Relatively less expensive than a permanent life insurance policy. No savings or investment component, meaning there’s no cash value to withdraw or borrow against Can be purchased without a waiting period or medical exam in many cases...
but riders can help customize coverage. Always be sure to read the fine print before you add a rider to a life insurance policy. If needed, sit down with an insurance advisor to evaluate the benefits of riders and then buy the one best suited to you and your family....
a policy provision continuing monthly income to a beneficiary after the death of the insured is an example of an endorsement and is also known as arider. Typically, this type of endorsement increases the policy premium due to the added benefits to the policyholder and...