Life insurance is a tool that guarantees the financial stability of your loved ones in the event of your death. Life is full of ups and downs, and we never know what tomorrow holds for us. Having life insurance gives us the confidence to enjoy the pleasures of life, knowing that our beneficiaries are protected.
Life insurance can offer a wide variety of coverage that goes beyond death. You can get coverage for additional risks such as temporary or permanent disability, partial or absolute disability, or death due to illness or accident.
There are different types of life insurance. However, Term Life Insurance is one of the most popular for the flexibility of coverage and affordability it offers. The choice of coverage depends on factors, such as age, the insured amount, or the type of coverage you need. On the other hand, if you are dealing with a long-term disability, we must mention that if you become seriously ill, the death benefit is paid only in the event of death. With this in mind, there is the possibility of adding optional riders to your life insurance policy, which will give you and your loved ones more favorable coverage, should you become seriously ill and unable to work.
Satisfying our needs and tastes is something we achieve with our income. However, we rarely think about protecting this significant input. That is why, we must prepare for any eventuality, and Disability Insurance is an excellent tool to achieve this.
Disability insurance is a backup plan that provides income protection to the insured if an illness or injury prevents them from working. This way, you can focus on recovery instead of worrying about paying your bills.
Disability insurance is generally a different policy than life insurance. Although, there is the possibility of adding additional disability clauses to Term Life Insurance at the time of application. However, they do not offer the same coverage and personalization as Disability Life Insurance.
Every day we are exposed to certain risks when carrying out our daily activities, and unfortunately, we can suffer an accident that leaves us sequelae for life. Disability life insurance is a guardian angel that looks after the well-being of you and your family in the event of an accident or illness that results in the inability to perform a job. This policy aims to protect you and your loved ones with a monthly benefit that works as a paycheque to meet daily expenses and cope with the financial situation due to these unforeseen events. In addition, in the event of death, it protects its beneficiaries to cover different needs. This insurance is suitable to help you protect your loved ones in the event of a long-term disability.
Term life insurance is one of the most popular life coverage options due to its simple application process and its straightforward and affordable policy choices. Although it provides very comprehensive and flexible protection, it is not a tool designed to cover disabilities.
However, as mentioned, it is possible to add optional riders to your policy at the time of application for extra protection if an accident or illness makes it impossible for you to work and earn an income.
Thanks to this extra protection rider in your life insurance, the insured is exempt from paying premiums in case of total or permanent disability. The Disability Waiver of Premium Rider comes into force when the disability is due to accidents or illnesses, although you must meet the following requirements.
In order to make the benefit valid, the insured must be disabled for at least 4 to 6 consecutive months. It is worth mentioning that during the initial waiting period, the premiums can be waived retroactively, and the rider is valid until a certain age, usually up to 60 or 65 years.
A Disability Income Rider is a valuable add-on when purchasing life insurance. It works as a monthly payment the insured person receives if an accident or illness prevents him from working. When acquiring the clause, the insured must establish the time period he will receive the benefits of the monthly payments. On the other hand, this rider has a 30- or 90-day waiting period, with retrospective payments that begin after the waiting period ends.
A mortgage disability rider provides monetary support that covers the monthly mortgage payments or all or part of the insured’s line of credit if the insured suffers a temporary or permanent disability. On the other hand, the period in which the insured person will receive the compensation must be established when this benefit is acquired. For example, the payments can be for 2, 5, or 10 years from disability or up to age 65. Finally, the credit riders generally have a waiting period of 90 days, but in the event of accidental disability, the period can be reduced to 31 days.
It is impossible to know what the future holds. However, we can prepare for any eventuality with life insurance and disability insurance. Both plans offer comprehensive protection for different needs and situations. We specialize in term life insurance coverage and offer a variety of plans for Americans.
Each plan provides up to $750,000 in coverage without the need to visit a doctor to qualify for a policy. All of our coverage options also offer guaranteed premiums and renewable terms, so you always have protection when you need it.
We’ve helped thousands of Americans find the coverage they need. To get your free no-obligation quote and see a list of options that can work for your needs, please complete our short online application now to get started.
Written by: Enrique Rosales
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