Waiver of Premium Rider: Why Do You Need to Consider Getting It?
New Delhi (India), April 29: Purchasing life insurance for yourself and your loved ones is a wise financial decision that provides financial protection against unforeseen circumstances. However, due to life's unpredictability, one's ability to meet insurance premium commitments may become difficult. This is where the waiver of premium rider can step in to save the day.
In other words, adding this rider to your existing term insurance plan ensures that your coverage remains intact even if you face a hard patch. If you still haven't considered adding this rider to your plan, let’s explore how it could be a game changer for you. By now, you know what is term insurance; it provides financial protection in the form of a sum assured to your family members in case of your demise.
A waiver of premium rider functions as a safety net for your insurance coverage. As we all know, a severe sickness, a serious injury, or a crippling disease can all interfere with your capacity to work and earn money, thus, putting pressure on your finances in the long run. The last thing you want to worry about is paying insurance premium payments during those difficult times.
Provides increased financial security: By now, we all know what is term insurance and how it is essential for protecting your loved ones financially in the event of your untimely death. However, have you ever thought about what would happen if you were unable to pay the premium? Your policy will lapse and your benefits will end. This is where a premium rider waiver protects both your loved ones and your own future.
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