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Peace of Mind During Tough Times: Exploring Critical Illness Riders and Their Benefits
These riders are designed to offer financial support during the policyholder's lifetime rather than just providing a death benefit. Here is an overview of common living benefits riders:
Critical Illness* rider
The Critical Illness Rider pays out a portion of the death benefit, up to $300,000, if the policyholder is diagnosed with a critical illness specified in the policy, such as cancer, heart attack, stroke, or organ failure. This rider provides a lump sum payment that can be used to cover medical costs, treatment expenses, or any other financial obligations during the policyholder's recovery.
In the event of a covered critical illness, the rider offers a financial safety net, helping policyholders manage the financial burdens associated with the illness. The specific critical illnesses covered and the amount payable may vary depending on the policy and the insurance company.
Unemployment Waiver of Premium Rider*
The Unemployment Waiver of Premium Rider is designed to provide financial protection to policyholders who experience involuntary unemployment. If the insured becomes unemployed, all policy and rider premiums will be waived for up to a six-month period. This rider ensures that the policy remains in force and the insured continues to receive the benefits of the coverage without having to make premium payments during this specified timeframe.
Terminal Illness rider*
The terminal illness rider allows the policyholder to receive up to $300,000 of the death benefit if they are diagnosed with a terminal illness and have a life expectancy of, typically, 12 to 24 months. The funds can be used to cover medical expenses, hospice care, or any other end-of-life costs, providing financial support during a challenging time.
Return of Premium (ROP) Rider
With the ROP rider, if you have not made any claims by the end of your policy period, the carrier will return 100% of your net premiums paid as a CASHBACK refund.
For example, let's say you paid $10,000 in premiums over the policy term, and if you remain claim-free, you would receive the full $10,000 back as a refund from the carrier.
Common Questions
Q: What is mortgage insurance or mortgage protection?
A: Mortgage insurance or mortgage protection is a type of life insurance product that is designed specifically for homeowners who want a policy that pays off the mortgage balance if they pass away, can no longer take care of themselves or their family due to a chronic or terminal illness.
Q: Is mortgage insurance required by the lender?
A: Very rarely do lenders make it a requirement. If you have a conventional loan and put less than 20% down, you might be referring to payment protection insurance, but most likely, that is already included in your payment.
Q: Does one policy cover both parties on the mortgage?
A: No, you would need two policies since each person is being covered uniquely. Home insurance covers the property.
Q: Are there age restrictions for getting a policy?
A: Yes, with most carriers, the age limit is 75.
Q: How does the approval process and underwriting work?
A: Similar to a life insurance application, you would answer some questions about your personal medical history and receive an answer within minutes of applying.
Q: Do pre-existing conditions affect the ability to get coverage?
A: It depends on the type of criteria and how far back. For example, we have insurance partners that offer preferred rates even if you had cancer but have not received treatment for over five years.
Q: Do criminal backgrounds affect the approval process?
A: It depends on what it is. For example, if you had a DUI or a suspended license, most carriers look back two years. However, if you have a felony conviction, most carriers look back 10 years.
Q: Who can be named as a beneficiary?
A: Most of our clients would name their spouse, kids, relatives, and if required by your lender, the lender can also be named as a beneficiary.
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Life Mib Llc is a licensed independent insurance agency, our delegated agent Astrit Dudaj for California with license # 4045782, Do Not Sell My Info and Arkansa license # 3000866375.
*Disclaimers
The information provided on this site has been developed by Life Mib for general information. We do our best to ensure that this information is up-to-date and accurate. Any insurance policy premium quotes or ranges displayed are non-binding. The final insurance policy premium for any policy is determined by the underwriting insurance company following the application.
^Years of track record for our providers range from 80 to 150 years.
*Insurance Policy Details: Mortgage Protection Insurance and Mortgage payment protection insurance is a Life Insurance policy designed to pay off your mortgage in the event of your death. These policies have exclusions, limitations, and terms that may affect coverage, renewal, cancellation, termination, or other contractual rights and benefits. Rates quoted are subject to change and are set at the Insurance company's sole discretion. Terms and limitations apply. See individual product riders for terms, conditions, and restrictions. For costs and complete details of coverage, call us at 1-888-306-7519.
*Products and riders availability: Products and riders are not available in all states.
*Rider Details:
1. Chronic Condition: The rider is triggered if the insured cannot perform 2 of the 6 ADLs for 90 consecutive days as certified by their physician or requires substantial supervision to protect him or herself from threats to health and safety due to severe cognitive impairment. Coverage amount, individual carrier terms, and limitations apply. For complete details of coverage, call us at 1-888-306-7519.
2. Critical Illness: Critical Illness is defined as cancer, heart attack, stroke, major organ failure or kidney failure. Coverage amount, individual carrier terms, and limitations apply. For complete details of coverage, call us at 1-888-306-7519.
3. Terminal Illness: The rider is triggered if the insured is diagnosed as having a terminal illness by a physician, which will result in the Insured's death within 12 months. Coverage amount, individual carrier terms, and limitations apply. For complete details of coverage, call us at 1-888-306-7519.
4. Lost Of Work to Illness: The rider is triggered if the insured cannot perform 2 of the 6 ADLs for 90 consecutive days as certified by their physician or requires substantial supervision to protect him or herself from threats to health and safety due to severe cognitive impairment. Coverage amount, individual carrier terms, and limitations apply. For complete details of coverage, call us at 1-888-306-7519.
5. Unemployment Waiver of Premium Rider: If the insured becomes unemployed, all policy and rider premiums will be waived for up to a six-month period. Not available in all states. Coverage amount, individual carrier terms, and limitations apply. For complete details of coverage, call us at 1-888-306-7519.
6. Return of Premium Rider: Rider not available in all states and/or for all age groups. Premiums paid for rider benefits are not included in the return of premium calculation. Cash value at the end of the level period equals premiums paid for base coverage only and assumes no policy changes. Terms and limitations apply. See individual product riders for terms, conditions, and restrictions. For costs and complete details of coverage, call us at 1-888-306-7519.