Waiver Of Premium Life Insurance & Optional Benefits.

Waiver Of Premium Life Insurance & Optional Benefits.

What are optional benefits?

Optional benefits (1), known as “Policy riders,” are extra benefits that you can add to your policy. For example Waiver of premium life insurance benefit. These policy riders give you access to extra benefits to claim in the future and undeniably offer a more comprehensive life insurance policy. These additional benefits can provide peace of mind.

These extra optional benefits are most often associated with permanent life insurance policies. The cost all depends on your existing level of risk and the insurance company itself. 

1) Total permanent disability

This coverage pays a lump sum benefit when there is no hope that the insured will recover from a disability. Claims for Total and permanent disability (2) must meet the insurance company’s terms. However, this may differ based on the nature of the insured’s employment. 

This payment can help the insured cover medical bills, cost of care and living expenses. Therefore, easing the financial burden created when the individual is no longer able to work. The family won’t have to make huge financial sacrifices to continue their lifestyle.

2) Waiver of premium

Waiver of premium life insurance is a benefit that you can add to protection insurance policies. If you’re unable to work for more than six months, the insurance company will pay the monthly costs of the policy.
A Waiver of Premium could help ensure that your policy does not lapse due to non-payment of premiums. Overall, clients will remian insured giving them peace of mind despite being unable to afford the monthly costs.

3) Fracture cover

Thirdly, the insured person will receive a pay out if they sustain a bone fracture (3) or break as the result of an accident. An applicant can buy fracture coverage in units. In most cases, compensation varies according to the type of bone broken and where it is located in the body e.g (face, ribs, skull, etc.). They may be out of work for several weeks or months if they suffer an injury such as a broken bone. This protection can act as a safety net, thus protecting them from any financial ruin.

4) Global treatment (Aviva)

Finally, with Global Treatment (4) from Aviva, you can choose from a wider range of health care options. Global Treatment from Aviva gives you access to doctors all over the world, a second opinion from a doctor, and treatment abroad.
Global treatment covers you and your children, if diagnosed with a serious illness. It covers the cost of medical treatment in respect of the following:

  •  Cancer treatment


  • Coronary artery bypass surgery


  • Heart valve replacement or repair


  • Neurosurgery (for conditions like benign brain or spinal tumours)


  • Live-donor organ transplants


  • Bone marrow transplant

References – 

1. https://www.forbes.com/advisor/in/insurance/what-are-riders-in-a-life-insurance-policy/

2. https://www.aviva.co.uk/faq/answer/life-claims/4161/

4. https://employer.royallondon.com/globalassets/docs/protection/sap8p10021-ip-fracture-cover-salesaid.pdf

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