If you are married and have children, you know that life insurance is not optional but a necessity to ensure that your spouse and kids can go on with life after you are gone. While it may not propel them into the lap of luxury, it will protect them for a certain amount of time during which your spouse can get over your loss, go back to work, and set out to become the sole provider for your children. They, too, do not have to quit their lives as they knew it, leave their private school or give up hopes of going to college and instead your life insurance policy will make it possible for the family to continue on in the direction you and your spouse discussed prior to your demise.
The most commonly purchased life insurance product is term life insurance since it is cheap, available online without a health exam, and because it permits you to sometimes augment an already existing policy you may be carrying from your job. Yet even though your term life insurance is cheap, does it cover all your bases? Conversely, are you missing out on some coverage options that are open to you but of which you did not avail yourself during the sign up process? Do not assume that these are automatically included in your policy but instead double check the policy to make sure it is part and parcel thereof! Getting a free term life quote can answer your questions.
- Do you have double indemnity? A big term to be sure, but it truly means little more than having an accidental death benefit attached to your policy which will pay even more money to your beneficiaries if you meet your end because of a certain kind of accident.
- What about guaranteed insurability? You might scoff at this today, but if five years from now you determine that you want to up your term life insurance because you have added a few more family members or assets, you may be dismayed to find out that you have to undergo another medical exam – and you may not be in that great health anymore! Purchase a guaranteed insurability benefit today and reap the rewards tomorrow.
- A premium waiver benefit may or may not come in handy for you, but it does not hurt to have it. This kind of benefit will stipulate that the insurance company will make your premium payments for about six months in the event that you become disabled to keep your premium intact as you heal and get back on your feet. It is important to remember that this is for a limited time only and depending on the cost of this waiver, this may or may not be a worthwhile expense. Nonetheless, it does not hurt to ask.
- In the same vein, a complete disability income rider is sometimes used to protect you if you become disabled and remain so for more than the six months that may be stipulated in the premium waiver benefit attached to your term life insurance policy. Essentially, you will no longer have to make the payments on the premium but the policy is active and stays current. Depending on where you are in your term when a qualifying event occurs, this may be a great source of peace of mind.
