Essentially, a paid-up addition is an additional death benefit
(also with cash value) that is purchased in conjunction with a whole life policy (either with dividends or through additional premium payments).
Benefits include: A $500,00 accidental death benefit; up to $250,000 in excess medical coverage; up to $50,000 benefit for mental health counseling; disability income coverage; plus an additional death benefit
for the donor's travel companion.
Available term riders provide an additional death benefit
during the first four policy years, while a policy split option rider can be used in the event of divorce or tax law changes.
Also found in many last survivor policies is an estate protection rider that pays an additional death benefit
if both insureds die within four years of purchasing the policy.
This rider pays an additional death benefit
if the insured dies as a result of an accident before age 70--in effect, doubling the amount of coverage.
5 million additional death benefit
to retire the policy loan.
The beneficiary receives an additional death benefit
equal to 40% of the earnings accumulated up to age 69.
If your client is looking for cost savings, you may be able to provide the same or additional death benefit
with lower or no additional premiums.
says the company now offers on its policies a charitable giving benefit rider that will pay a 1% additional death benefit
to a named charity.