By Sharon Taylor
As all industries are always trying to find a need that appeals to the mass markets, insurance companies have come up with a way of adding a disability rider to your term life insurance policy for those that desire the combined coverage. This type of coverage would be ideal for those who work in occupations that require and rely on the constant use of their bodies and frequent physical activity. Having some security in knowing bodily injury would not mean complete financial ruin makes a term life policy with disability rider an asset worth considering.
What Exactly is a Rider?
A “rider,” which may also be known as an “endorsement,” adds more coverage to an existing policy. You must purchase a rider at the same time you buy your term life insurance policy . Riders modify an original policy and its provisions override anything in an original life insurance policy. For instance, if you buy a term life policy and there is any conflict between the provisions of the term life and the disability rider, the rules of the disability rider would take precedent.
Riders may also exclude or remove coverage from your term life policy , but in most cases it adds to it. It is best to contact a financial advisor for a term life with disability rider quote as prices may vary. Riders, of course, will add to the premium of a regular term life policy because you are benefiting from extra coverage.
Adding a disability rider to a term life insurance policy will pay the owner of such policy a pre-determined amount of income after the insured has been disabled for a specified amount of time. The waiting period varies from carrier to carrier. The waiting period is the time immediately after the insured is determined to have the disability in their claim. No benefits are paid during the waiting period so it is always best to have some kind of emergency “cushion” in your bank account to cover yourself while you are unable to earn an income.
An important factor to consider when you buy term life with a disability rider is that you may not purchase a face value amount more than the average income you have earned over the last two year period before your disability is determined. With this coverage, you will not be paid more than you were originally earning prior to your disability. You are not allowed to make more being disabled than you were earning in a completely healthy state.
Additionally, the disability with term life rider will only kick in after all of the other benefits for which you are eligible take affect. For example, you will first be paid by worker's compensation, social security, lost wage policies and/or any other salary continuation plan of which you are eligible through your job. The disability rider will then compensate you for the remaining balance of what those other agencies do not pay equaling what your current average salary was over the last two years. You will have to check with your carrier as to how long your benefits will be in affect after you are determined disabled. Some carriers give you a two year limit of benefits and you may need to look into other options if you think you may need longer coverage.
Peace of Mind
Only you can determine if adding a disability rider to your term life insurance policy is worth the extra expense. If you rely on your body and your occupation is physically demanding, it may give you peace of mind knowing you have extra coverage in the event you should become disabled and unable to continue your employment.
Sharon Taylor writes life insurance articles for eQUOTE Life Insurance , a premier Internet resource for term life insurance quotes, rates and easy to understand resource information.
Article Source: http://EzineArticles.com/?expert=Sharon_Taylor
Saturday, November 10, 2007
Obtaining An Accurate Term Life Insurance Rate Comparison
By V. Michael Santoro
Using Internet technology, it's easy to obtain a term life insurance rate comparison with your home computer. Originally, your only option was to meet with an insurance broker who would visit you at home and review your needs. Times have changed!
Insurance brokers now provide an online service that instantly accesses the term life insurance products being offered. In seconds, you will receive a term life insurance rate comparison which includes the policy coverage prices from each insurance company. It is possible to save up to 70 percent using an online insurance quoting service.
Beware of the "Rate Factor" TrapOnline insurance systems do not all work the same way. Many will only quote you the lowest possible rate available to the general public. While this sounds good, a general quote that doesn't take your personal circumstances into consideration will result in you not qualifying for the lower rate. Welcome to the "Rate Factor" Trap. Insurance premiums are established based upon lifestyle and health related issues. Insurance broker systems that do not ask you this vital information up front will be trying to talk you into accepting the policy at the higher rate.
You will be urged to accept the outcome and they will encourage you to pay the much higher insurance premium - DON'T agree to this! You can avoid this trap by using the better quoting system that provides a fair term life insurance rate comparison.
A fair insurance quoting system provides an online form that requires you to include the important information that is pertinent. This will provide a more accurate quote. You will then receive the lowest cost term life insurance for your particular circumstances.
Finding the lowest cost life insurance available is easy - however if it is not applicable to your circumstances, you will not receive the quoted premium price. Providing you with the best value means that the insurance broker's system must provide an accurate quote. This ensures that you will receive the lowest cost term life insurance based upon your personal information. It is a better approach if an honest quote is provided to you upfront and not after the fact.
For additional information about obtaining a fair term life insurance rate comparison and how to avoid any hidden cost surprises, please visit http://www.termlifeinsurancequoteonline.xscoop.info/
Article Source: http://EzineArticles.com/?expert=V._Michael_Santoro
Using Internet technology, it's easy to obtain a term life insurance rate comparison with your home computer. Originally, your only option was to meet with an insurance broker who would visit you at home and review your needs. Times have changed!
Insurance brokers now provide an online service that instantly accesses the term life insurance products being offered. In seconds, you will receive a term life insurance rate comparison which includes the policy coverage prices from each insurance company. It is possible to save up to 70 percent using an online insurance quoting service.
Beware of the "Rate Factor" TrapOnline insurance systems do not all work the same way. Many will only quote you the lowest possible rate available to the general public. While this sounds good, a general quote that doesn't take your personal circumstances into consideration will result in you not qualifying for the lower rate. Welcome to the "Rate Factor" Trap. Insurance premiums are established based upon lifestyle and health related issues. Insurance broker systems that do not ask you this vital information up front will be trying to talk you into accepting the policy at the higher rate.
You will be urged to accept the outcome and they will encourage you to pay the much higher insurance premium - DON'T agree to this! You can avoid this trap by using the better quoting system that provides a fair term life insurance rate comparison.
A fair insurance quoting system provides an online form that requires you to include the important information that is pertinent. This will provide a more accurate quote. You will then receive the lowest cost term life insurance for your particular circumstances.
Finding the lowest cost life insurance available is easy - however if it is not applicable to your circumstances, you will not receive the quoted premium price. Providing you with the best value means that the insurance broker's system must provide an accurate quote. This ensures that you will receive the lowest cost term life insurance based upon your personal information. It is a better approach if an honest quote is provided to you upfront and not after the fact.
For additional information about obtaining a fair term life insurance rate comparison and how to avoid any hidden cost surprises, please visit http://www.termlifeinsurancequoteonline.xscoop.info/
Article Source: http://EzineArticles.com/?expert=V._Michael_Santoro
Whole Life Insurance Online - Five Things That Will Help You Get Lower Rates
By Chimezirim Chinecherem Odimba
Whole Life Insurance Online: Good things often come at a price. The security and peace of mind that a life insurance policy gives has costs. Thankfully, there are ways to lower your rates. Knowledge plays a very important role here.Here are things you can do to get better deals at a lower price.
1. A person who get his/her whole life insurance policy at 50 would pay much less than another you gets it at 60 all things being equal. Therefore get it while you're young. Life insurance policies cost more if you apply at an older age. This is simply because your risk to the insurer increases.
2. There are a few things you need to know about the insurer you finally decide to use for your life policy. You'll do well to look at their track record and how long they've been in business. You don't want to get hooked with a company that will leave you stranded midway. Remember, this is protection in case you pass on. The Better Business Bureau (BBB) online can help you in such research.
3. Smokers are more likely to die young. In whole life insurance it means one thing: You're a very high risk and so should pay much more.
4. Those who are involved in dangerous sports can't get low cost life insurance. If the most affordable life insurance rate is your target then you'd have to quit such sports.
5. Whole Life Insurance Online: The most vital key to massive savings in whole life insurance is comparison shopping -- That's if you do it well. The range of quotes returned in a query could be as wide as $2,000 for a given profile.
Now, that's exciting. You have to look beyond just the lowest price to the best price to value ratio. The lowest priced may not be the best price/value for you as a person. Different insurance companies may have adjustments in their coverage for similar policies.
It's a good idea to ask the agent what's included and what's excluded (You certainly don't want it to be a feature of much value to you). Life insurance involved your life so do ensure you are satisfied with the details of an insurer's policy coverage before paying. Remember, they are free and no obligation quotes. That's how to give your loved ones the best protection at the lowest price. You, too, can do it.
Here are my favorite sites for life insurance quotes...
Free Affordable Life Insurance Quotes
Hometown Life Insurance Quotes
Chimezirim Odimba writes on life insurance.
Article Source: http://EzineArticles.com/?expert=Chimezirim_Chinecherem_Odimba
Whole Life Insurance Online: Good things often come at a price. The security and peace of mind that a life insurance policy gives has costs. Thankfully, there are ways to lower your rates. Knowledge plays a very important role here.Here are things you can do to get better deals at a lower price.
1. A person who get his/her whole life insurance policy at 50 would pay much less than another you gets it at 60 all things being equal. Therefore get it while you're young. Life insurance policies cost more if you apply at an older age. This is simply because your risk to the insurer increases.
2. There are a few things you need to know about the insurer you finally decide to use for your life policy. You'll do well to look at their track record and how long they've been in business. You don't want to get hooked with a company that will leave you stranded midway. Remember, this is protection in case you pass on. The Better Business Bureau (BBB) online can help you in such research.
3. Smokers are more likely to die young. In whole life insurance it means one thing: You're a very high risk and so should pay much more.
4. Those who are involved in dangerous sports can't get low cost life insurance. If the most affordable life insurance rate is your target then you'd have to quit such sports.
5. Whole Life Insurance Online: The most vital key to massive savings in whole life insurance is comparison shopping -- That's if you do it well. The range of quotes returned in a query could be as wide as $2,000 for a given profile.
Now, that's exciting. You have to look beyond just the lowest price to the best price to value ratio. The lowest priced may not be the best price/value for you as a person. Different insurance companies may have adjustments in their coverage for similar policies.
It's a good idea to ask the agent what's included and what's excluded (You certainly don't want it to be a feature of much value to you). Life insurance involved your life so do ensure you are satisfied with the details of an insurer's policy coverage before paying. Remember, they are free and no obligation quotes. That's how to give your loved ones the best protection at the lowest price. You, too, can do it.
Here are my favorite sites for life insurance quotes...
Free Affordable Life Insurance Quotes
Hometown Life Insurance Quotes
Chimezirim Odimba writes on life insurance.
Article Source: http://EzineArticles.com/?expert=Chimezirim_Chinecherem_Odimba
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