We can never tell what fate may bring us. Although we are on the top of our health, sometimes, there will still be surprises that will shake us – a medical condition, breakdown or an accident. And that’s a sad truth about life ; our physical bodies can be subject to illness, and ultimately, death. But what we may not be aware of is that we can do something to prepare for it.
This is shared on this story where a family is able to survive a father’s sudden illness, because of life insurance. As his wife Tonia, said, “Everyone thinks because you’re going through a hard time, well, the bills don’t stop.. That’s the truth, you know. Your life may seem like it stopped, but everything around you is still going.”
Watch the video to know more.
LIFE INSURANCE JARGONS EXPLAINED
A policy holder can purchase a term life insurance with additional benefits called “riders”.
Let’s define some of these terms.
What is a term life insurance?
A term life insurance is a policy that covers a certain period. It will depend on the policy owner if he wants to renew the contract once that period expires.
What is a rider?
To explain what a rider means, we will have to explain what a basic life insurance is first.
A basic life insurance includes a death benefit wherein the family or beneficiary receives a fixed amount stated in the contract should the policy owner passes away.
If the life insurance has a rider, this means that an additional benefit has been included to help meet some specific needs of the policy holder. Some of these are: accidental death benefit, disability waiver, accelerated benefit and a lot more.
This means that life insurance is flexible and there are different riders available to suit our needs. Amazing, yeah?