In some flexible premium policies, premiums may be reduced or skipped as long as sufficient cash values remain in the policy. Provisions or riders that provide additional benefits can often be added to a policy.
One such rider is a waiver of premium for disability.
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Choosing a life insurance product is an important decision, but it often can be complicated.
As with any other major purchase, it is important that you understand your needs and the options available to you.
Life insurance is an essential part of financial planning.
One reason most people buy life insurance is to replace income that would be lost with the death of a wage earner.
If your child dies before you, do you want the proceeds to go to that child’s children? Think twice before you do, because in many situations it may not be to your advantage.
Changing the beneficiary designation is easy, but you have to remember to do it. Before dropping any in-force policy, make sure your “new” policy is paid for and in effect and first consider: If your health status has changed over the years, you may no longer be insurable at preferred or standard rates.“Accelerated benefits”, also known as “living benefits.” This rider allows you, under certain circumstances, to receive the proceeds of your life insurance policy before you die.Such circumstances include terminal or catastrophic illness, the need for long-term care or confinement to a nursing home.funds for a readjustment period, to finance a move or to provide time for family members to find a job.ongoing financial needs, such as monthly bills and expenses, day-care costs, college tuition or retirement.An important feature of life insurance is that generally no income tax is payable on proceeds paid to beneficiaries.