Life Insurance Premiums Waived

Richard turned 50 in December 2007.  On the morning of February 6, 2008 (yes, that is the the day of the accident), before he left for work, Richard told me that he was going to cancel his life insurance because they had more than doubled his rates due to his age.  I was upset about that as I went to work that day.

When he came out of his coma, and I knew he really understood and knew he was there, I told him, "Remember that you said you were going to cancel your life insurance?  I paid it."  I've never had to pay it again.  There is a provision in most life insurance policies that if the insured is permanently disabled, their premiums will be waived.

If you contact the insurance company and let them know about the disability, they will send you documents that need to be filled out by you and by the doctors, but after that, the only thing you will pay is the portion that goes toward the retirement deposit fund.  This amount is minimal compared with the premiums that you are no longer paying.

There may not be many things about being disabled that are advantages, but having your life insurance premiums waived may be one them.  Check it out!