Life Insurance » Don't Drop Your Life InsuranceAccelerate your benefits4 of 7If disability caused your financial hardship, you could be eligible for a break from your life insurance payments. Known as a waiver of premium, this feature is often available as an additional rider, says Smoot."With waiver of premium, the carrier is paying the premium, so the value of the policy continues to grow," says Smoot.In addition, if you are chronically or terminally ill, you could be eligible for accelerated death benefits for chronic or terminal care needs if your policy provides benefits (and many do).To collect benefits early, Smoot says policyholders will have to prove they are seriously ill or disabled and should discuss the monetary ramifications of pulling benefits early with their financial planner. Share this story LinkedIn Delicious Reddit Stumbleupon Email story More on Insurance: Life insurance after 50 and 60 Does your toddler need life insurance? Life insurance from marriage to midlife Create a news alert for "insurance"
Life Insurance » Don't Drop Your Life Insurance
If disability caused your financial hardship, you could be eligible for a break from your life insurance payments. Known as a waiver of premium, this feature is often available as an additional rider, says Smoot.
"With waiver of premium, the carrier is paying the premium, so the value of the policy continues to grow," says Smoot.
In addition, if you are chronically or terminally ill, you could be eligible for accelerated death benefits for chronic or terminal care needs if your policy provides benefits (and many do).
To collect benefits early, Smoot says policyholders will have to prove they are seriously ill or disabled and should discuss the monetary ramifications of pulling benefits early with their financial planner.
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