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1、Supplementary Benefits,Chapter Outline,Supplementary Disability Benefits Accident Benefits Accelerated Death Benefits Benefits for Additional Insureds Insurability Benefits,Supplementary Disability Benefits,Waiver of Premium for Disability Benefits Waiver of premium for payor Benefits Disability inc
2、ome benefits,Waiver of Premium for Disability Benefits,The insurer promises to give up its right to collect renewal premiums that become due while the insured is totally disabled. What is Total Disability? The insureds inability to perform the essential acts of her own occupation or any other occupa
3、tion for which she is reasonably suited by education, training ,or experience.,Waiver of Premium for Disability Benefits,If the policy is the one that builds cash value, the cash value will continue to increase just as if the policyowner paid the premium. In the case of a participating policy, the i
4、nsurance company continues to pay policy dividends as if the policyowner were paying premiums.,Waiver of Premium for Disability Benefits,Some limits contain 3-6 months waiting periods. Be available to cover only disabilities that begin during a specified age span. The interval at which premium payme
5、nt s are due cannot be changed. Exclude some risks from riders coverage,Waiver of Premium for Payor Benefit,Is designed for third-party policies, such as juvenile insurance policies. A juvenile insurance policy is a policy that is issued on the life of a child but is owned and paid for by an adult,
6、usually the childs parents or legal guardian.,Waiver of Premium for Payor Benefit,Definition the insurance company waive its right to collect a policys renewal premiums if the policyowner-the person responsible for paying premiums-dies or to becomes totally disabled.,Disability Income Benefit,Provid
7、es a monthly income benefit to the policyowner-insured if she becomes totally disabled while the policy is in force. The monthly income benefit is a stated amount.,Disability Income Benefit,Example Paxton Haymes was the policyowner-insured of a $150,000 life insurance policy that included a disabili
8、ty income benefit rider. The rider stated that, if Paxton become totally disabled, then the insurance company wold pay him a monthly benefit of $10 per $ 1000 of life insurance coverage during the period of disability; the income benefit would begin three months after the onset of a disability.while
9、 the policy was in force, Paxton became disabled as defined in the dissability income benefit rider. Two years later, he died as a result of his disability.,Disability Income Benefit,Analysis three months after he became disabled,Paxton became eligible to receive a dissability income benefit of 1500
10、 per month.upon Paxton death, the policys death benefit became payable to the named beneficiary.,Accident Benefits,Accidental Death Benefit Dismemberment Benefit,Accidental Death Benefits,If the insured dies as a result of an accident, the insurance company will pay the named beneficiary an amount o
11、f money in addition to the basic death benefit provided by the life insurance policy. This additional sum is often equal to the policys face amount. Exclusions and some limitations:,Dismemberment Benefit,The insurer will pay a stated benefit amount if an accident causes the insured to lose two limbs
12、 or sight in both eyes.,Accelerated Death Benefits,Provide that a policyowner may elect to receive all or part of the policys death benefit before the insureds death if certain condition are met. Terminal illness benefit Dread Disease Benefit long-term care benefit,Terminal illness benefit,Is a bene
13、fit under which the insurer pay a portion of the policys death benefit to a policyowner if the insured suffers from a terminal illness and has a physician-certified life expectancy of 12 months or less.,Dread disease benefit,The insure agrees to pay a portion of the policys face amount to a policyow
14、ner if the insured suffers from one of a number of specified diseases.,Long-term benefit,Is payable as a monthly benefit to a policyowner if the insured requires constant care a medical condition.,Benefits for additional insureds,Spouse and Childrens insurance rider childrens insurance rider second insured rider,Insurability benefits,Guaranteed insurability benefit paid-up additions option benefit,
