Is Waiver Of Premium Rider Necessary While Purchasing A Child Life Insurance?
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Child life insurance plans are an investment option for parents which can help them provide for their child’s future financial needs. These plans let you invest your money and grow your wealth. Child life provides life cover, multiple fund options and maturity benefits. You can add riders to your child life insurance to enhance the coverage of your base policy.
When you are browsing through different riders, there is a range of different riders which offer different benefits but when it comes to child insurance waiver of premium rider is the best option.
What is the Waiver of Premium Rider?
Waiver of premium rider is additional coverage that you can purchase with your life insurance policy. This rider waives off all future payable premiums in case of an unforeseen event. In case the life assured passes away during the policy term, all future payable premiums will get waived off, the insurance company will handle the payable premiums on the life assured’s behalf. This rider ensures policy continuance even in your absence.
Is Waiver Of Premium Necessary While Purchasing Child Life Insurance?
Waiver of Premium rider is definitely an important rider to add in a child life insurance plan. Usually, as a parent, you are the policyholder/life assured of the child life insurance policy and you are responsible for premiums. In case of your unforeseen demise during the policy term, the waiver of premium rider will help the policy continue even in your absence.
In case of your unforeseen demise during the policy term, all the future payable premiums will get waived off and the insurance provider will pay the premiums on your behalf. This way the policy still continues and your child can avail the benefits of the policy. You can add this additional coverage to your child life insurance plan at an additional cost.
Conclusion
Waiver of premium is additional coverage that you can purchase with your child life insurance at an additional cost. This rider will help you ensure policy continuance even in your absence. This way you can ensure the financial security of your child even when you are not around.
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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
