Best Add-On For Child LIfe Insurance Plans
Updated On Apr 23, 2021
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A child insurance coverage is a mix of insurance and savings that guarantees a safe future for your child. Life insurance benefit under the plan is available as a lump-sum payout at the end of the policy term and the investment benefit can be availed either as a lump-sum amount or by way of regular instalments. You can make use of this investment to finance the education of marriage expenses of your child or to support their entrepreneurial dreams.
You can always choose to add riders in your child life insurance plan to enhance the coverage under the existing plan. Waiver of Premium rider is one of the most preferred life insurance riders for child life insurance plans. Before purchasing it you should know what waiver of premium rider is and how it is beneficial with a child life insurance plan.
Also Read:- Everything New Parents Need to Know About Life Insurance
What Is Waiver of Premium Rider?
Waiver of Premium rider waives off all the future premiums of the life insurance policy if the policyholder/insured suffers disability, making the life assured unable to make a living and pay future premiums for their life insurance policy. Under this rider the policy continuance is ensured as all the future premiums get waived off and insurance companies provide the premium themselves, at the time of plan maturity the benefit amount is paid to the nominee. Waiver of premium rider mostly comes with Accidental Total and Permanent Disability rider or with Critical Illness rider.
Why Is Waiver of Premium Rider Considered The Best Add-On For Child Plans?
As a parent you are the one who is responsible for regular premium payments for your child life insurance plan. In case of an unfortunate event or your unforeseen demise, the future premiums of the child life insurance plan gets waived off, and is taken care by the insurance provider if this rider is purchased with the child life insurance plan.
This rider will help you ensure that the child life policy continues even in your absence and your child’ future goals and aspirations can be achieved. This will help you ensure that your child has a financially secured future.
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Conclusion
Waiver of premium s best option for riders to be purchased with a child life insurance plan. It will help you ensure policy continuance and financially secured future of your child even in your absence.
