AppMan^© Presents: "Perks Of Riders"
 

George came into my office last night because he was concerned with his life insurance policy. His friend Larry became disabled a month ago and is scrambling to find a way to pay for his life insurance premium.

Larry was involved in an accident that has left him paralyzed from the neck down. Larry’s other problem is that he has only took out a 10-year term policy when he was 45, and he has only 2 years left in his policy. Larry is expected to be in a wheelchair for the rest of his life. He will need help with his daily activities of living. So not only has Larry lost his job, but he also has a term policy set to expire in 2 years. Larry has been informed by his agent that due to his current physical health he would not be able to qualify for another term policy.

George's friend Larry has two options:
1. He could keep his term policy and let it turn into an annually renewable term. However, now that he no longer has steady income, he would not be able to afford the premiums on Social Security income alone; or
2. He could convert his current term policy to a Permanent plan at his current age. However, it is unlikely that Larry would be able to afford the premiums on Social Security income alone.

Larry will find himself uninsured at age 53.

We have the perfect product for you, George. We can put $500,000, 10-year term policy on you; and if you become totally disabled, the premiums will be waived. This policy would also be convertible to a permanent plan anytime during the 10-year term. If you become disabled, the premium on the permanent plan would also be waived - even if the premiums are higher. Now, you will have to pay a little extra premium to have this huge benefit, but it is really worth the extra premium to know that you will be covered. This policy also has another special long-term-care-like rider that will not cost you anything. If you become confined to a nursing home for 6 months and are expected to remain in the nursing home for the rest of your life, they will allow you to access up to 70% of your death benefit to be used however you see fit.

George, let's recap the Perks of the riders on this policy.

The Waiver of Premium rider will waive premiums on the policy if you become totally disabled. This will also allow you to convert your policy to a permanent policy, and the premiums will still be waived on the new converted policy.

The Living Needs Benefit rider will allow you to access up to 70% of your death benefit to use however you wish if you become confined to a nursing home and are expected to stay in the nursing home.

Who offers these unique riders?  Prudential Financial, issued by Pruco Life Insurance Company.  Take a look at these competitive products at www.fm-inc.com and click on Products.

Written by: AppMan^©