Also, regardless of what type of policy is purchased, it is also important to find out if the insurer will allow the child to
purchase additional amounts of coverage without having to provide evidence of insurability.
If not, be prepared to justify
the additional amount of coverage you're asking for.
Additional amounts of coverage may be added in order to cover the cost of locating, hiring, and training a replacement for the key employee who was lost.
If not, be prepared to justify
the additional amount of coverage you're asking for.
This plan can also be further «customized» by adding various riders such as the children's term rider the disability waiver of premium rider, the accidental death benefit rider, and / or a travel accident rider that provides
an additional amount of coverage if the insured dies as the result of a travel related accident.
Travel Accident Rider: Provides
an additional amount of coverage if death is the result of a covered travel accident.
An additional amount of coverage may also be added to the policy to cover the cost of hiring and for training a replacement.
If you do not have any other types of life insurance in place, you could add
an additional amount of coverage when you purchase burial insurance.
You should then factor in
an additional amount of coverage for medical expenses that may be incurred.
In some cases, final expense insurance policyholders may also add in
an additional amount of coverage for costs such as potential final uninsured medical and / or hospice expenses that loved ones could be responsible for paying.
It is important to note that
the additional amount of coverage will only be paid if the insured dies due to an accident.