These policies can be incredibly
valuable as death benefits are guaranteed as long as certain conditions are met, and premiums are paid, as scheduled.
Not exact matches
And your
death benefit will continue to increase
as you age, making it more and more
valuable as you get closer to that inevitable day.
Alternatively, if it is determined that the policy has real economic value to keep, the advisor and client should consider whether it makes more sense to simply keep the policy to
benefit directly from the long - term value of the
death benefit, rather than sell
as a life settlement (since by definition, if it's
valuable to a buyer to purchase, it's
valuable to the seller to keep it!).
They also offer a couple
valuable riders, such
as the waiver of premium rider and accidental
death benefit rider,
as well
as the accelerated
death benefit rider, which pays up to 50 % of the
death benefit while you are still living if a physician diagnoses you with a terminal illness.
In addition to the medical insurance, it also provides many other
valuable benefits such
as emergency medical evacuation, repatriation of remains, loss of checked luggage, accidental
death & dismemberment, identity theft assistance, political evacuation, natural disaster, terrorism coverage, trip interruption, incidental and end of trip home country coverage and many more.
Trip interruption is a
valuable benefit that would pay for making necessary travel arrangements if you needed to return home earlier than planned due to covered reasons such
as death of a close relative or your primary residence is flooded.
Some
valuable riders are included in the policy, such
as the accelerated
death benefit rider.
While a portion of your policy's
death benefit would go towards the cost of the SPPO, this can be a
valuable benefit as it can provide your spouse coverage even if they would otherwise be uninsurable.