6 perks of life insurance you don’t know about

Image Source: Getty Images

You don’t necessarily have to die to get your reward.

Key Point

• Life insurance protects loved ones in the event of the death of the policyholder.
• Some life insurance benefits are available to policyholders while they are alive.
• Read the bylaws of your life insurance policy to find out what benefits are available to you.

The most basic life insurance covers your loved ones after you die. Term life insurance is just that: cash payments after death. However, many of the best life insurers offer benefits to policyholders looking to read the fine print or buy add-ons known to those in the industry as policy treaties.

Policyholders can take advantage of these little-known benefits while they’re still alive:

1.Disability Compensation

If you lose a limb or become permanently disabled and unable to work, most insurance policies will cover you for free until the policy expires. An often-forgotten benefit that saves policyholders significant amounts of money when they need it most. Known as premium waivers, many insurance companies offer life insurance for free.

2. Terminal illness compensation

If your doctor diagnoses you as terminally ill, many life insurance policies allow you to cancel benefits to cover hospice fees, household expenses, or anything else that makes life easier. Heck, you might even be able to head off on a wild vacation that’s at the bottom of your wish list to bring your family. Join for free.

3. Long-term care insurance

If you need long-term living support, long-term care insurance will be applied. Apart from life insurance, long-term care insurance can often be added to life insurance. It’s usually less expensive than buying the policies individually. Long-term care insurance covers the cost of care, whether you move to a nursing home or choose the comfort of home care.

4. Life insurance

do you like to live very! The same is true for life insurance companies. The longer you are expected to live in good health, the less likely you are to die and have term insurance. Some life insurance companies offer living benefit rider add-ons that offer benefits ranging from free fitness apps to discounted medical services. Be sure to do your research as the various benefits of living benefit riders vary by insurer.

5. Retirement allowance

When you buy full, universal or variable insurance at a premium, the insurance company invests a portion of your money towards the insurance fund. You can usually withdraw or borrow some of these investments later. It’s not as efficient as other forms of investment, but it’s something to keep in mind if you’re already considering an alternative to term life insurance.

6. Convenience

Modern insurance companies do what your parents and grandparents can’t. In other words, they provide insurance without forcing you to undergo a health checkup. Haven Life does not require exams and is relatively inexpensive. Ethos insures elderly applicants who answer basic health questions. Many other insurance companies offer no-test life insurance to potential policyholders.

The most important thing to remember is that benefits vary by policy and insurance company. Find a life insurance company that fits your specific needs, including the cheapest life insurance company. They usually offer unique and lesser known perks.