Term life plans are provided to interested buyers who need to protect themselves as well as their loved ones for a certain period. These plans can be bought for any period between 10 to 30 years and buyers can get term life insurance quotes online as well. There are online portals provider multiple quotes from a range of reputed and popular providers and buyers can get them by just filling their requirements in a short form. To avail the coverage and benefits, policyholders are supposed to make a monthly payment to providers which is well known as premiums.
We can never be sure of tomorrow and this is quite possible that one may get diagnosed with a serious illness, meet an accident unfortunately or lose their job all of sudden. Under these scenarios, it might be tough to make the premiums timely as they will have to take care of medical and other essential expenses as well. The waiver of premium rider is designed to help buyers during those tough days only. If the insured has added the offered rider in their term life plan, they will not need to pay the premiums until they become fit and resume their work.
The offered rider is more advantageous than the previous one. Nobody knows what future has planned for them and that makes life unpredictable like anything. To protect their buyers from the unfortunate incidents of life, companies are offering cheap term life insurance to them. Under these plans, the loved ones receive a lump sum amount in case the insured passes away due to an accident while the policy is active. They can utilize the offered amount to arrange the funeral, pay the medical bills as well as repay the pending financial debts.
However, the offered amount may not be enough to take care of all the pending financial responsibilities and the loved ones need an additional financial assistance. The accident death benefit rider offered from insurers proves very crucial in such situations. If the insured has the offered rider added into their plan, the loved ones will receive an additional accumulated amount that will greatly help them repay the pending loans as well as take care of educational expenses of kids in the family.
Accidents can take place anytime and anyone can get injured or pass away in these unfortunate incidents. According to the survey report released by National Highway Traffic Safety Administration (NHTSA), around 101 people pass away in road accidents and that makes the number up to 37,000 every year. Alongside the fatalities, around 6,438 people suffer injuries and disabilities per day and the number raises up to 2.35 million every year. Many of these 2.35 million suffer a permanent disability and their lives are changed for forever. Lots of money is spent on their treatment and they become dependent on their small and big needs. This also affects their earning capacity and hence and they have to suffer a lot.
Having an accidental with disability rider included in their plan can greatly help them as well as their loved ones. In case of accidental deaths, the loved ones will receive a lump sum amount as death benefit as well as an accumulated amount cover by the rider. Together, that will make a bigger amount and will help them take care of all essential expenses including funeral, pending debts as well as the medical expenses. Also, in the case of disabilities, the offered amount can be utilized to take care of the medical treatment of the insured.