The rider allows the insured to purchase
additional life insurance down the road with no evidence of insurability required.
It allows you or your child (or grandchild) to purchase
additional life insurance down the road without having to answer any questions or take a medical exam.
Not exact matches
It is recommended however, to put a minimum of 20 % of the purchase price
down which will make for smaller monthly payments but will also avoid
additional financial requirements
life private mortgage
insurance, also known as PMI.
Because it's stripped -
down life insurance, without
additional fees or maintenance, it's much more affordable than whole
life.
We've explained before how applying for
life insurance is basically broken
down into just 8 steps: you determine your coverage needs, get quotes, apply, take a paramedical exam, give
additional health details, have your final rate determined, approve your policy, and get insured.
Because it's stripped -
down life insurance, without
additional fees or maintenance, it's much more affordable than whole
life.
We've explained before how applying for
life insurance is basically broken
down into just 8 steps: you determine your coverage needs, get quotes, apply, take a paramedical exam, give
additional health details, have your final rate determined, approve your policy, and get insured.
This is a huge benefit for someone who has a term policy that comes
down with an illness and can not get a new policy or
additional life insurance.
That said, if you've already invested heavily in typical retirement funds, permanent
life insurance can be an
additional avenue for passing money
down to your family tax - free.