Question

Chad is seriously injured from an auto collision, 10 years after the policy was issued. After six months, he is still unable to work and does not have money to pay insurance premiums. Which optional benefit should he have added to his policy that would have allowed him to keep the insurance policy as is without paying premiums in this situation?

Answer 1

Chad should have added the waiver of premium benefit to his insurance policy. This would have allowed him to keep the policy active without paying premiums if he became disabled and unable to work.

Chad should have added the waiver of premium benefit to his insurance policy. This optional benefit allows the policyholder to stop paying premiums if they become disabled and unable to work. In Chad's situation, since he is seriously injured and unable to work, the waiver of premium benefit would have allowed him to keep his insurance policy active without having to pay premiums.