Wheeling, IL (Vocus) October 12, 2010
Many consumers are not prepared financially should they become disabled and unable to work. As a result, many people cut back on their spending; dropping important, but not mandatory life insurance coverage. AccuQuote, a leader in providing term life insurance to people across the United States, illustrates the need for waiver of premium term life insurance.
Waiver of premium term life insurance protects an insured individual in the event they become totally disabled for a period of six months or longer. The life insurance company will pay the insured’s life insurance premiums beginning in the seventh month of their disability until they are no longer disabled and able to go back to work. This valuable feature is optional and available with most types of life insurance policies. It must be elected at the beginning of the life insurance application process.
Waiver of premium was invented years ago when life insurance companies discovered that many of their policies would lapse when a customer became disabled and unable to pay their insurance premiums.
Disabilities happen more often than most consumers think. The Facts:
- One third of all Americans will suffer a long-term disability between the ages of 35 and 65, according the National Council of Life Insurers.
- The odds of disability prior to age 65 are four times greater than the odds of death before age 65, according the LIMRA International.
- A disabling injury occurs every 1.5 seconds, according to National Safety Council Injury Facts.
- 80 percent of U.S. workers will exhaust their savings in only two months without the ability to earn an income, according to the Commissioner's Disability Table.
“Let’s face it, when you become disabled and have no income, food and shelter tend to take a front seat. But if you have waiver of premium term life insurance and a disability strikes, your life insurance premium becomes one less bill to worry about. Waiver of premium is an optional feature, but we highly recommend it. The fact is, we never know which of our customers will become disabled”
The cost of adding waiver or premium to any life insurance policy is modest. The cost of needing it and not having it, however, is large. To learn more about waiver of premium term life insurance and other valuable life insurance riders, contact a licensed life insurance agent at 888-314-4455.
AccuQuote helps consumers find the best values in term life insurance by combining instant online life insurance quotes with the personal service of unbiased life insurance professionals who answer questions, identify important issues and make meaningful recommendations. The company offers consumers an extensive selection of life insurance products, including term life, whole life, universal life, accidental death, long-term care, disability and selected annuities. AccuQuote.com has many handy insurance tools, including a term life insurance calculator to help consumers determine their life insurance needs, a glossary of industry terminology, a collection of articles and press releases that cover many life insurance topics and a blog that provides opportunities for discussion on life insurance and personal finance. For additional information or to get free quotes for low cost life insurance, please call AccuQuote at 1-888-314-4455.