UG Insurance Brokerage Inc Blog
It is one question that needs to be answered, especially by disabled professionals: What happens to your Life Insurance policy if you suffer permanent disability? How does it affect those you leave behind?
With this article, we will try to answer these questions and more. Don't hesitate to continue reading.
The Simple Answer
To answer things, you cannot transfer your Life Insurance policy. It doesn't matter if you are physically capable or disabled. But, your Life Insurance policy belongs to you and you alone.
There are certain conditions in which other people can benefit from your policy in the future. Here they are as follows:
Have Your Relatives Be Beneficiaries
You should make your next of kin beneficiaries to your Life Insurance policy. If you have children or young nieces and nephews, having them as your beneficiaries will not let your money go to waste.
Apply for an Accelerated Death Benefit
Aside from this, you can also apply for an Accelerated Death Benefit. These are known as riders that can be added to the policy terms for you to use in emergency health needs.
If you have this, your family will not have to worry about not being able to pay your hospital bills in case of emergencies.
Use the Premium Rider Waiver
Another advantage of using Life Insurance when you're disabled would be the premium rider waiver. You can discontinue payment for your premium membership due to your disability.
You wouldn't have to worry about the policy losing its efficacy. It will be kept in effect because of the waiver. It will also allow you to prevent your policy from expiring even if you cannot work.
It helps when getting more information on your policy from legitimate sources. This way, you won't be confused with the information and data.
With these advantages, there's no reason for you not to go for any Life Insurance policies. It will not only help your family members financially survive your death. Depending on the conditions, you may also use it to have an income despite your disability.
At UG Insurance Brokerage, Inc., we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (718) 848-7777. You can also request a free quote by CLICKING HERE.