Wanna know about Life insurance rider types and differences
by Guest » Mon Dec 28, 2009 07:09 am
Someone please tell me about the different types of life insurance riders. Are all LI riders alike?
Total Comments: 42
Posted: Wed Jan 06, 2010 12:59 am Post Subject:
It's all true, call your local GA.
You can't always predict, but you can always prepare...
Posted: Wed Jan 06, 2010 01:49 am Post Subject:
Thanks for the good info.
Posted: Wed Jan 06, 2010 07:03 am Post Subject:
And Northwestern's GPO rider adds the additional coverage exercised under the rider to the base policy by endorsement, not as a new policy. Can post a copy of a NML GPO rider from a policy written about 10-12 years ago if you want to see it.
Posted: Wed Jan 06, 2010 11:11 am Post Subject:
The waiver of premium rider may work differently for different companies. The policy owner may not require to pay the premiums for the period of his disability. There are clauses which mandate such conditions as the disability period which has to be fulfilled prior to the application of the rider benefits.
Posted: Thu Jan 07, 2010 06:44 am Post Subject:
Hi Max, please go ahead and post a copy of the NML GPO rider. I'm sure this is the right opportunity and it might just help a lot of other community friends.
Posted: Thu Jan 07, 2010 02:57 pm Post Subject:
Can post a copy of a NML GPO rider from a policy written about 10-12 years ago if you want to see it.
Sure, would love it. NML agents are usually very vague about details concerning their products. Instead all I hear from them is, "Triple A rating! Triple A Rating! 100 Comdex! More dividends than any other life insurer! Blah! Blah! Blah!"
Sorry I couldn't help myself. I don't see a huge advantage in adding it to the policy. In fact it would prevent--I assume--the ability to drop the old policy and have a smaller policy as a sort of FE policy. Not a strategy I'd be crazy about if a client were talking/thinking about it. My take on NML is their WL product is the king at vanishing premium and little else. And yes, policies still get sold that way, despite the legality behind that.
Posted: Fri Jan 08, 2010 07:41 am Post Subject:
NML agents are usually very vague about details concerning their products.
Why do you think they are like that?
Posted: Fri Jan 08, 2010 01:26 pm Post Subject:
Can't seem to get it to attach as a PDF, JPEG or HTML file. Will keep trying.
Posted: Sat Jan 09, 2010 03:42 am Post Subject:
Why do you think they are like that?
Sorry, not going to play that game. There are several possible reasons, most likely unique to each situation. That's where we'll leave it.
Posted: Sat Jan 09, 2010 06:29 am Post Subject:
My mistake. Trying to recall from memory. Remembered I had it, but did not look at it before I posted above. The language is fairly typical of similar riders otherwise. The NML Rider does create "new policies". Here is the rider. Had to reduce the page size to 5" wide to get it to post. Send me an email and I'll email the original PDF pages. I picked this up about 10 years ago.
The premium was $125 per year on a $50,000 Whole Life Paid Up at age 90 policy for a 22-year-old male (base premium $501) in 1995 -- rider allowed up to $100,000 purchases at each option. By age 30, the insured had not exercised any of his options, and so had paid nearly $1,000 for something he never used. He did not recall having the option.
Posted: Wed Jan 06, 2010 12:59 am Post Subject:
It's all true, call your local GA.
You can't always predict, but you can always prepare...
Posted: Wed Jan 06, 2010 01:49 am Post Subject:
Thanks for the good info.
Posted: Wed Jan 06, 2010 07:03 am Post Subject:
And Northwestern's GPO rider adds the additional coverage exercised under the rider to the base policy by endorsement, not as a new policy. Can post a copy of a NML GPO rider from a policy written about 10-12 years ago if you want to see it.
Posted: Wed Jan 06, 2010 11:11 am Post Subject:
The waiver of premium rider may work differently for different companies. The policy owner may not require to pay the premiums for the period of his disability. There are clauses which mandate such conditions as the disability period which has to be fulfilled prior to the application of the rider benefits.
Posted: Thu Jan 07, 2010 06:44 am Post Subject:
Hi Max, please go ahead and post a copy of the NML GPO rider. I'm sure this is the right opportunity and it might just help a lot of other community friends.
Posted: Thu Jan 07, 2010 02:57 pm Post Subject:
Can post a copy of a NML GPO rider from a policy written about 10-12 years ago if you want to see it.
Sure, would love it. NML agents are usually very vague about details concerning their products. Instead all I hear from them is, "Triple A rating! Triple A Rating! 100 Comdex! More dividends than any other life insurer! Blah! Blah! Blah!"
Sorry I couldn't help myself. I don't see a huge advantage in adding it to the policy. In fact it would prevent--I assume--the ability to drop the old policy and have a smaller policy as a sort of FE policy. Not a strategy I'd be crazy about if a client were talking/thinking about it. My take on NML is their WL product is the king at vanishing premium and little else. And yes, policies still get sold that way, despite the legality behind that.
Posted: Fri Jan 08, 2010 07:41 am Post Subject:
NML agents are usually very vague about details concerning their products.
Why do you think they are like that?
Posted: Fri Jan 08, 2010 01:26 pm Post Subject:
Can't seem to get it to attach as a PDF, JPEG or HTML file. Will keep trying.
Posted: Sat Jan 09, 2010 03:42 am Post Subject:
Why do you think they are like that?
Sorry, not going to play that game. There are several possible reasons, most likely unique to each situation. That's where we'll leave it.
Posted: Sat Jan 09, 2010 06:29 am Post Subject:
My mistake. Trying to recall from memory. Remembered I had it, but did not look at it before I posted above. The language is fairly typical of similar riders otherwise. The NML Rider does create "new policies". Here is the rider. Had to reduce the page size to 5" wide to get it to post. Send me an email and I'll email the original PDF pages. I picked this up about 10 years ago.
The premium was $125 per year on a $50,000 Whole Life Paid Up at age 90 policy for a 22-year-old male (base premium $501) in 1995 -- rider allowed up to $100,000 purchases at each option. By age 30, the insured had not exercised any of his options, and so had paid nearly $1,000 for something he never used. He did not recall having the option.
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