Term Life Insurances-insurance Writer?
Posted August 9, 2009 – 4:36 pm in: term life insuranceCould you please inform me on what insurance writer is, and the pro and cons.
I am looking for term insurance and someone said that insurance writer might be beneficial in adding to my insurance policy and maybe other policies.
Is this true? Any help will be appreciated.
3 Comments
I believe what you are referring to is a “rider.” A rider is an option that you add to policy to provide an added benefit. An example would be a waiver of premiums rider, that pays your premiums for you if you should get sick or injured and can’t work. Another rider would provide insurance on a spouse or children.
Besides the fact you have insurance, the most important rider is the disability rider. Although most term life policies are quoted without this rider, I believe that is unwise. In most cases, the probability of becoming disabled is two to three timss the likelihood of premature death. So, if you get disabled, you lose your income and if you can’t pay the premiums because you are out of work, your life insurance as well.
Finally, if you purchase term life, make sure it’s convertible. That means you have the right to exchange the policy for a permanent (not term life) policy that you can keep for as long as you live.
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Hope that helps, post back if need be- regards- Richard Man U
I think the person was saying an “insurance rider”
an insurance rider is essentially where you tack one type of insurance onto another for added coverage. For example you might get homeowners insurance and add a rider that specifically gives extra coverage for a valuable piece of jewelry that is stored in the home. All it really means is to group various forms of insurance policies together with one company, which makes sense if you get a discount so that you pay less overall for insurance without sacrificing quality and coverage.
That’s a RIDER, not a WRITER.
A RIDER is a change. It can be ANY change, from guaranteeing renewability, to changing your mailing address.