A married couple purchases a life insurance policy on their newborn baby. They are concerned about what would happen to the policy if either one of them were unable to continue making the premium payments due to death or disability. Which policy rider should their agent recommend?

A. Waiver of premium
B. Payor benefit
C. Guaranteed insurability
D. Automatic premium loan

Question

17-07-2024
Business

Answered

A married couple purchases a life insurance policy on their newborn baby. They are concerned about what would happen to the policy if either one of them were unable to continue making the premium payments due to death or disability. Which policy rider should their agent recommend?

A. Waiver of premium
B. Payor benefit
C. Guaranteed insurability
D. Automatic premium loan

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-07-17T22:59:52-04:00

Final answer:

The recommended policy rider in this situation is the Waiver of Premium, which would waive premium payments if the parents are unable to pay due to death or disability, ensuring the policy remains active.

Explanation:

Waiver of premium would be the recommended policy rider in this scenario. This rider would waive the premium payments if the parents become unable to pay due to death or disability, ensuring that the policy remains active.

For example, if one of the parents passes away or becomes disabled, the insurer would waive the premium payments, allowing the policy to continue without the risk of lapsing.

This rider provides financial protection for the family and ensures that the child's life insurance coverage remains intact even if the parents face unforeseen circumstances.

Learn more about insurance policy riders here:

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