Did you know that life insurance policies have changed significantly over the years? To start, you have a lot more benefits than before. So if you currently have a policy, perhaps it’s time to review it to ensure you are receiving all the coverage that you need. In the video below, Criss Crombie, the life and financial expert, explains some of the great benefits offered by life insurance policies today, such as living benefits and spousal riders. Check it out!
How have life insurance benefits changed?
What many individuals, who currently have a life insurance policy, don’t know is that life insurance has changed a lot over the years. For one, people’s health has improved overall so the cost of insurance is less than it used to be. Furthermore, policies these days have several riders built into them whereas the older policies don’t.
For example, many newer policies have living benefits. Essentially, living benefits enable individuals to access some of their death benefit while still alive so as to cover critical and chronic illness. Other available riders are children and spousal riders. In other words, you can include family members on your policy. You can also put a business owner on your policy. Ultimately, you customize your policy to cover all of your needs.
Most policies written in the past didn’t have riders built in like they do today. They were standard life policies that offered a death benefit with little to nothing else available. New policies have additional benefits. Therefore, it is a good idea to review your existing policy to make sure it fits all of your needs.
Is it better to have a separate policy from one’s spouse or to simply add spousal riders thereby having one policy?
As we know, marriages don’t last as long as they used to. The fact is the divorce rate is high. Even if you added your spouse as a rider to your policy but then later had a divorce, you can separate the policy into two distinct policies. As to having separate policies or adding spousal riders, there’s really no benefit one way or the other. With a spousal rider, you still get the two death benefits same as if you had two separate policies. So, there’s no difference in that regard. However, you may save a few dollars in premium by having spousal riders on your policy.
Since insurance is oftentimes overwhelmingly confusing, we want to shed light on this industry by answering YOUR questions. So if you have any questions or concerns, comment below and your question may be the topic of our next video!
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