25 Flashcards
Rider usually found in universal life and variable life policies
Waiver of monthly deductions
Only pays monthly deductions not full premium necessary to accumulate cash values
Waiver of monthly deductions
In event of disability wave policy premiums and pay monthly income to insured
Disability income rider
One premium for all children
Childrens term rider
Juvenile polices function like waiver of premium rider
If parent becomes disabled for six months or dies insurer will waive premiums until minor reaches certain age
Also used when owner and insured are two diff individuals
Payor benefit
What is waiver of premium rider in life ins policies
Six months
Provides coverage for one or more family members other than insured
Usually level term ins attached to base policy covering insured aka family rider
Other insured rider
If covers just spouse of insured
Can be specified as spouse term rider expires when spouse reaches 65
Most riders provide minor with option of converting to a permanent policy
Without evidence of insurability
Spouse term riders are usually
Level term riders
Would not cause death benefit db to increase
Payor benefit rider
Does not increase db only pays premium if Payor is disabled or dies
Payor benefit rider
Policyowner can increase db at specified ages or events
Guaranteed insurability rider
Increases death benefit to keep pace wit inflation
Cost of living rider
If insured dies from accident death benefit is a multiple of the face amount
Accidental death rider
