Life Insurance – Optional Coverages You Can Add to Your Policy

Having a life insurance policy gives your family and loved ones the protection they need in the tragic event you were to pass away. Most people understand the basic policy coverages, but what about options you can add to your policy? Here’s a look at a few of the more popular ones.

Accidental death coverage – This optional coverage doubles the face amount of your policy that the company will pay your beneficiaries upon your accidental death. This could include airline crashes and many other events.

Disability income – This is a nice option for any life insurance policy as it pays a regular monthly benefit amount after 6 months (in most cases) of disability that prevents you from working your job.

Guaranteed insurability coverage – If you have a policy with this endorsement you will be able to always buy additional life insurance regardless of your health. There is no need for qualifying medically. This could be useful if you were to develop a condition that would prevent you from being able to qualify for insurance any other way.

Accelerated death benefit – This policy endorsement would accelerate the payment of up to the face value of your policy upon learning of a terminal illness and anticipated death within the next year.

Waiver of premium – Another common endorsement found in most policies. It waives your premium payments in the event you become disabled and can not work. Qualifications vary between companies, but this rider can be very helpful if you can not work for a period of time, or even become permanently disabled.

These are some of the most common options you can add onto any life insurance policy.

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