Its good to see that you're online too!
When you say about waiver...it reminds me of the waiver of premium rider. I guess it allows a person to enjoy the policy coverage even when he is disabled & certainly not able to pay for the premiums. But yeah, as far as I remember it has to be a total disability for him & a permanent one too. But, what I don't remember over here is whether there is any waiting period for it or not. Thanks, Roddick
Posted: Tue Sep 09, 2008 01:43 pm Post Subject:
Hey Roddick...yes it would be correct to say that there is a "waiting period" which stretches between 3-6 months. This one would be applicable to the original policy even before the waiver of premiums would act upon it. But, there is one thing which you can be rest assured is that whenever a "payor rider" comes with juvenile insurance policies, it would always waive off the premiums till the point of time the child reaches the "age" as mentioned in the coverage agreement. Fatman
Posted: Tue Sep 09, 2008 01:56 pm Post Subject:
Hi,
I was surfing through online data & got that the "waiver of premiums" has a close link with the 'disability income rider'. The disability income rider would ensure a consistent income from a disabled person's carrier under circumstances that he gets disabled totally & the disability becomes permanent. Such benefits would cover him for the entire period for which he misses his earnings.
See you soon! Roddick
Posted: Wed Sep 10, 2008 04:43 am Post Subject:
Hi people...I'd love to add accidental death benefit with the ones that you've mentioned over here. Under circumstances when an insured dies in an accident a specific sum of money has to be paid to his beneficiary. This amount is to be covered under this policy. This sum of money is worth the face value of the policy. It is also known as the 'principal sum' & could reach up to 3 to 4 times of the face value. ArindamSenIndies
Posted: Wed Sep 10, 2008 05:17 am Post Subject:
Waiver not actually reduces the policy benefits rather gives an option to the policy holder to decline certain coverage, for example- the homeowner's policy may offer an additional coverage for earthquake, and of course with additional premium, which the policy holder has the right to decline.
In such cases the policy holder is required to sign the waiver form as the document for assuming the risks associated with the peril. The policy holder thus will not receive any coverage for the damages caused by the earthquake.
The waivers help in reducing the coverage cost, but at the same time is making you susceptible to the risks and damages caused by the certain peril.
Tk cr!
Posted: Wed Sep 10, 2008 05:33 am Post Subject:
Hi jeorge!
Its great to see you around..
Waiver not actually reduces the policy benefits rather gives an option to the policy holder to decline certain coverage, for example- the homeowner's policy may offer an additional coverage for earthquake, and of course with additional premium, which the policy holder has the right to decline.
That is certainly one way of explaining it!
But by way of restricting the coverage...it ultimately makes it fall short of its gross benefits. That is what we get out of the definition for waivers -
A waiver is a type of rider that's usually used to exclude benefits and for which no premium is charged.
Again, would like to stress upon the fact that its not always up to the policy holder to decline a coverage. Some waivers are always being issued to policy holders with pre-existing conditions. So, you see it could also be suggested the other way round!
Regards, Evan
Posted: Wed Sep 10, 2008 05:46 am Post Subject:
Guys, another interestingly useful rider would come to you in the form of the Guaranteed insurability rider (GIR). It states that the insured would be able to have a variety of permanent insurance coverage under different phases of his life.
For this the policy holder won't even need to go through any medical test. So the proof of insurability is not in demand while applying for it. Hope that sounds nice!
Evan
Posted: Wed Sep 10, 2008 05:53 am Post Subject:
Thanks a lot guys!
But I'd really love to know more about the following-
* Cost of living Rider
* Return of premium rider
Thanx again!
ArindamSenIndies
Posted: Wed Sep 10, 2008 06:03 am Post Subject:
Hi Arin..
Sometimes it so happens...that the carrier issues this rider promising to add more to the worth of term life insurance which is being offered to a prospect initially. Such add-ons would always be proportional to the sum of premiums paid by the policy holder during the period for which his policy remains active. I guess that is what is known as a 'return of premium'.
Regards, Evan
Posted: Wed Sep 10, 2008 06:15 am Post Subject:
Hey Evan,
Do you really mean that the premiums that I pay till any point that my policy remains in force will be reimbursed to me? I'm really interested to know how the carriers would be motivated to design such policies...since I'd rather see no objective & no real gain out of such plans in the end!
ArindamSenIndies
Posted: Tue Sep 09, 2008 01:31 pm Post Subject:
Hi Fatman,
Its good to see that you're online too!
When you say about waiver...it reminds me of the waiver of premium rider. I guess it allows a person to enjoy the policy coverage even when he is disabled & certainly not able to pay for the premiums. But yeah, as far as I remember it has to be a total disability for him & a permanent one too. But, what I don't remember over here is whether there is any waiting period for it or not. Thanks, Roddick
Posted: Tue Sep 09, 2008 01:43 pm Post Subject:
Hey Roddick...yes it would be correct to say that there is a "waiting period" which stretches between 3-6 months. This one would be applicable to the original policy even before the waiver of premiums would act upon it. But, there is one thing which you can be rest assured is that whenever a "payor rider" comes with juvenile insurance policies, it would always waive off the premiums till the point of time the child reaches the "age" as mentioned in the coverage agreement. Fatman
Posted: Tue Sep 09, 2008 01:56 pm Post Subject:
Hi,
I was surfing through online data & got that the "waiver of premiums" has a close link with the 'disability income rider'. The disability income rider would ensure a consistent income from a disabled person's carrier under circumstances that he gets disabled totally & the disability becomes permanent. Such benefits would cover him for the entire period for which he misses his earnings.
See you soon! Roddick
Posted: Wed Sep 10, 2008 04:43 am Post Subject:
Hi people...I'd love to add accidental death benefit with the ones that you've mentioned over here. Under circumstances when an insured dies in an accident a specific sum of money has to be paid to his beneficiary. This amount is to be covered under this policy. This sum of money is worth the face value of the policy. It is also known as the 'principal sum' & could reach up to 3 to 4 times of the face value. ArindamSenIndies
Posted: Wed Sep 10, 2008 05:17 am Post Subject:
Waiver not actually reduces the policy benefits rather gives an option to the policy holder to decline certain coverage, for example- the homeowner's policy may offer an additional coverage for earthquake, and of course with additional premium, which the policy holder has the right to decline.
In such cases the policy holder is required to sign the waiver form as the document for assuming the risks associated with the peril. The policy holder thus will not receive any coverage for the damages caused by the earthquake.
The waivers help in reducing the coverage cost, but at the same time is making you susceptible to the risks and damages caused by the certain peril.
Tk cr!
Posted: Wed Sep 10, 2008 05:33 am Post Subject:
Hi jeorge!
Its great to see you around..
Waiver not actually reduces the policy benefits rather gives an option to the policy holder to decline certain coverage, for example- the homeowner's policy may offer an additional coverage for earthquake, and of course with additional premium, which the policy holder has the right to decline.
That is certainly one way of explaining it!But by way of restricting the coverage...it ultimately makes it fall short of its gross benefits. That is what we get out of the definition for waivers -
A waiver is a type of rider that's usually used to exclude benefits and for which no premium is charged.
Again, would like to stress upon the fact that its not always up to the policy holder to decline a coverage. Some waivers are always being issued to policy holders with pre-existing conditions. So, you see it could also be suggested the other way round!
Regards, Evan
Posted: Wed Sep 10, 2008 05:46 am Post Subject:
Guys, another interestingly useful rider would come to you in the form of the Guaranteed insurability rider (GIR). It states that the insured would be able to have a variety of permanent insurance coverage under different phases of his life.
For this the policy holder won't even need to go through any medical test. So the proof of insurability is not in demand while applying for it. Hope that sounds nice!
Evan
Posted: Wed Sep 10, 2008 05:53 am Post Subject:
Thanks a lot guys!
But I'd really love to know more about the following-
* Cost of living Rider
* Return of premium rider
Thanx again!
ArindamSenIndies
Posted: Wed Sep 10, 2008 06:03 am Post Subject:
Hi Arin..
Sometimes it so happens...that the carrier issues this rider promising to add more to the worth of term life insurance which is being offered to a prospect initially. Such add-ons would always be proportional to the sum of premiums paid by the policy holder during the period for which his policy remains active. I guess that is what is known as a 'return of premium'.
Regards, Evan
Posted: Wed Sep 10, 2008 06:15 am Post Subject:
Hey Evan,
Do you really mean that the premiums that I pay till any point that my policy remains in force will be reimbursed to me? I'm really interested to know how the carriers would be motivated to design such policies...since I'd rather see no objective & no real gain out of such plans in the end!
ArindamSenIndies
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