Critical Illness Insurance pays a benefit if you were to be diagnosed with a covered illness. This benefit is paid out to you so you may use it to pay added expenses or for personal use. Can be used for homecare Loss of salary Continue paying debts, such as mortgage, [...]
You can name one or several persons as beneficiary. Beneficiaries should be anyone who is to receive the money upon your death. Usually a person will name their partner and may list their children as contingent beneficiaries. If you are listing more than one person, you would have to decide the percentage going to each. [...]
The most common are : Joint First to Die and Joint Last to Die. Each have their pros and cons. A joint insurance policy covers up to 5 individuals. But most policies are purchased to cover 2 people. The policy saves a couple or group about 15% on their premiums compared to individual policies. The [...]
Riders are inexpensive way to add additional protection on your policy. The most common are: Child rider: Covers all your children for one premium. You child may have the option to convert to their own policy without medical for a specific maximum as per the contract. Waiver of premium / waiver of disability: Covers your [...]
Your benefit does not pay the full amount until a 2 year period has passed. This is common on some guaranteed issue and non-medical products. Most products offered on television are deferred life insurance. The insurer is usually accepting higher than normal risk by asking limited medical questions or accepting a medical condition. In most [...]
If your policy is lapsed for non-payment, you have a 30 day grace period to pay your policy. If you do not pay your premium after this period, you will not be covered. You have 2 years to reinstate the policy according to the specific details on your contract.