2There are so many different types of extras that can be added on to insurance policies. Waiver of premium is one of them. This could be known under various names or descriptions such as payment protection cover, illness cover and many more. Waiver of premium can typically be added to any kind of policy providing the insurance company offers it; this could be a niche kind of policy for things such as horse, dog, caravan, bird and many more types of insurance. Typically this product is mainly for products such as life insurance, critical illness cover, income protection and accident, sickness and unemployment cover. This type of product can be offered to almost any policy holder but it does have a few clauses in its terms that may affect the eligibility of the applicant. Many of these could be things like the age of the applicant, the physically status of them and many more. Every insurance company is different, however the premiums may vary between provider and also the benefits and rules may differ. This type of product is there to protect the insured against loosing their income.
In some cases it could be as long as 6 months of loss of income before the waiver of premium will start to take affect and the benefits are paid out. Typically this benefit is normally paid up to a maximum of 6 months. This again is dependant on the insurance company and the policy that you agreed to when incepted or renewed. This is one of the main examples of researching the product thoroughly before you purchase it as it may not be as it seems and in the event of a claim you could potentially be loosing out. This type of add on should not be confused with the products income protection or accident, sickness and unemployment cover because this is merely an add-on that will pay out for the policy benefits should you become ill or unable to work. The actual types of insurance such as the income protection are products that cover your monthly outgoings as apposed to the policy premium
So you have thought long and hard about reviewing your personal financial status and may be you have decided that it may be the right time to take out a form of protection insurance such as life cover, critical illness, ASU (Accident, Sickness and Unemployment cover) or even income protection insurance. Your family circumstances may have changed in the ways that you may have settled down with a partner, bought a house, got married, had a baby or even taken on more financial commitments and you wish to take action now rather than later and protect your new family etc. Regardless of the reason why you are looking at taking out a form of insurance you will need to research the best available options on the market and find the best policy available for your needs. Once you have decided upon a policy which best suits your needs and requirements then you will need to consider any optional extras that are available. Every insurance company differs to a certain extreme and policy terms and conditions can also fluctuate, always take note of what is available at the time you buy your policy and how they will either benefit or not really suit your needs. Not all optional extras apply to all policies as their types may differ considerably, so check with the company before you go ahead. The adviser at the insurance company you choose will able to help you in terms of telling you what is available, what they are and the benefits of them. Taking out insurance for you and your loved ones can be confusing enough without having to consider the additional add-ons that many insurance companies offer but with a little research and patience it can work out for the better. Remember just because your friend, colleague or family member has a certain type of insurance, it doesn't necessarily mean that that type of policy is suitable for your needs. All insurance policies need to be underwritten by the insurance company you choose and they are effectively the people that decide upon the terms that you are offered.
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