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Updated: October 17, 2022 @ 12:56 am
September is National Life Insurance Month. Life insurance is one of the most fundamentally important resources in all of financial planning. Many people don’t recognize how versatile a tool life insurance can be within a typical financial plan. And it’s not just the policies themselves that are versatile. Every insurance policy has optional features that can be added on, called “riders,” that can be customized to your specific needs.
Some commonly available riders are:
Accelerated Death Benefit: If you’re diagnosed with a terminal illness, you can get part of the life insurance proceeds while you’re still living to help with healthcare expenses. And if you leave the policy in place, your loved ones would still get something when you eventually pass on.
Additional Purchase Option: If you can’t afford the amount of life insurance you need at the time you establish your policy, this allows you to permanently add more insurance later without having to prove your continued insurability.
Waiver of Premium: If you become temporarily disabled, and unable to work, and can’t afford your premiums, this allows you to stop paying until you’re back up and running.
Return of Premium: This policy allows for a sort of refund if it goes unused. If, by a certain pre-determined point in the future, the policy hasn’t paid a death benefit, it can be canceled and the payments returned to the owner.
Term Insurance: If you have a permanent cash value policy, and have a temporary need for a fixed amount of additional coverage, this allows you to add more term coverage to your existing policy for a specified period, potentially saving you the time and additional costs associated with purchasing a separate policy.
There are many ways to incorporate insurance as part of a robust, lifetime financial plan. To see if it makes sense for you, please contact a trusted financial professional.
Robert Rolfe is a Financial Advisor at Harmony Financial Services (HFS). Securities and Advisory Services offered through SagePoint Financial (SPF). SPF and HFS are separately owned. www.harmonyfinancialservices.com
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