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Accidental Death Benefits  

Also known as a "double indemnity", this rider pays an additional amount if death is accidental. In some cases, policies may pay up to three times the normal death benefit should death occur by a specific type of travel accident, such as an airplane crash.  



Automatic Premium Loan  

If you do not pay your premiums, the insurance company will automatically make a loan against your policy to cover the cost of the premiums. This rider can be used only if your life insurance policy has sufficient cash surrender value.  

Guaranteed Insurability  

A Guaranteed Insurability Rider would allow you to buy additional life insurance at specific times without having to answer any questions about your health. However, the cost for the new policy would still be based on your age at the time you buy it.  

Premium Waiver Provision  

This is a rider which takes effect if you become disabled. The disabled person will not have to pay premiums for the duration of the disability, even if it is a lifelong disability. In cases where the policy owner is not the person insured, e.g., a parent who is paying for life insurance for a child, this provision takes effect if the policy owner (in this example, the parent) becomes disabled. You are responsible for notifying the insurance company if you become disabled.  

Life Insurance Q & A

Q. Where can I buy a life insurance policy?  

A. Individual life insurance can be purchased directly from an insurance company, through the mail or from an insurance agent. Insurance may also be offered over the Internet, but you will usually have to sign a paper application as well. Group life insurance may be available through your job or through a group to which you belong.

Most life insurance agents and brokers are honest; they sincerely want to help you meet your insurance needs. However, many consumer complaints are from people who had "complete faith in my agent," or "never doubted my broker because he was referred to me by a member of my family". A good agent or broker will work hard to make sure you really understand what you are buying, and will not be impatient when you ask to "see it in writing".

An independent financial planner or accountant can help you clarify your financial needs and review insurance proposals you are considering. A professional who does not work for the insurance company that wants to sell you insurance can provide an unbiased opinion on what is available.  


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