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Waiver of Premium Rider: Bulletproof Your Privatized Banking Policy - YouTube
Channel: The Money Advantage
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have you ever had the thought of what
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happens to my life insurance policy if I
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become disabled and I can't work so I
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can't make an income so I can't pay my
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premiums has that thought ever crossed
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your mind I want you to type in the
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comments below if you wondered that
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before go ahead and say yes and if you
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haven't go ahead and share with me know
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as well that's never been a thought on
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your mind before now did you know that
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you can create a bulletproof life
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insurance policy by making sure that you
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have this one small tweak his rider this
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addition that adds on to your life
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insurance policy to make sure it's
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bulletproof meaning it performs the best
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possible in the widest range of
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circumstances this is called waiver of
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premium waiver like I'm waving a flag or
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waiver like I can bypass the ability to
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do something of premium I can bypass the
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ability to pay premiums now this applies
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to disability in a really interesting
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way because if you become disabled the
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policy will be paid for by the life
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insurance company that's right the life
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insurance company itself will pay the
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premiums to keep your policy and moving
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forward so I want to walk you through
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three questions that you need to think
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about to consider how to make sure that
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your life insurance policy can become
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that cornerstone of your financial
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success story and can really truly pass
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on that legacy and perform the way that
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you had hoped it would now the first
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question is what would happen to my life
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insurance policy if I became disabled
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now many people don't actually consider
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this question but it's really important
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you need to know what exactly will
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happen if you become disabled and you
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can't pay your premiums now in a typical
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case without this waiver of premium
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rider your policy would have multiple
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options now if it's been enforced for a
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certain length of time you could reduced
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pay up meaning you could use your
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current cash value to buy as much death
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benefit as possible so that no more
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premium is due now you really want to be
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careful that you don't put the policy in
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a MEC status or modified and down that
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contract because then you lose your tax
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advantages but that is an option for you
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on the policy or you could use a policy
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loan to borrow against your cash value
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to pay your premiums
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or you could pay from policy values
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meaning use up a portion of the cash
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value or have the dividends go ahead and
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be applied to pay the premiums so
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there's lots of options there's many
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ways that you can move forward and keep
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your life-insurance policy intact
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without paying premiums out of your own
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pocket but those options are dependent
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on how much cash values in your policy
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and how long it's been enforced
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also the key to note is that without
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waiver of premium every single other
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option will limit your cash value or
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limit your death benefit from performing
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the way that you had hoped when you put
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a policy in place so that's the first
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question to answer if you want a
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bulletproof life insurance policy the
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second question is how often does
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disability actually happen now I know we
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probably all have someone that we can
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relate to that we've seen either a
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family member or a friend who has become
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disabled or we've seen a story of
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disability but many times we can have
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this idea or mindset that it could never
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happen to me
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now unfortunately disability is way more
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common than we would like to hope here's
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a few statistics that I want to read for
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you 25 percent of 20 year olds entering
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the workforce will suffer some income
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interrupting disability during their
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careers that's 25 percent if you're 20
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years old 25 percent of you will be in a
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position where you'll have an income
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disrupting disability 1 in 8 workers
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will be disabled for 5 years or more
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during their working careers 1 in 8
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disabled for 5 years or more now that's
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a long disability and a 1 in 8 chance
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that's actually pretty high and if we
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look at disability overall 12% of
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Americans which is over 37 million
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people are classified as disabled that's
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a lot of people so instead of thinking
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it could never happen to me it's really
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humbling and sobering to think that we
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really want to make sure we're prepared
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for the worst circumstance to happen in
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our life even if we want to live for the
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greatest life that we can possibly
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create now the third question you need
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to answer to bulletproof your life
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insurance policy is to ask this what
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puts me in the best position in the
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widest range of circumstances now that
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just means no matter what happens how I
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make sure that I work out the best now
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certainly having waiver of premium
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allows you to make sure your
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life insurance policy will perform the
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best in the widest range of
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circumstances what this means is that
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during having your life insurance in
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force if you become disabled the life
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insurance policy itself will be paid for
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meaning you can keep that policy in
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force you can maintain building that
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cash value building the death benefit
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and you can be able to use this policy
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to help you through the challenging
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times now if you did face a disability
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chances are you're not going to want to
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work during that time you're probably
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not gonna want to send your spouse or
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your significant other to go work either
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they might be taking care of you you
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want to be in a position where you can
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take one thing off the table and have
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one less bill to be concerned about
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because life insurance is really
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something you want to be there for you
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no matter what so to make sure that you
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have insurance on your insurance
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insurance that covers your ability to
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not be able to pay for your life
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insurance policy you really want to have
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a self completing life insurance policy
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and you do that by making sure you have
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waiver of premium now many times people
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will say I don't want waiver of premium
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because it's a drag on my policy
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performance meaning I'm not gonna have
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as much early cash value but think of
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this how much early cash value and how
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much death benefit do you want in place
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just to be at the risk of having to
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reduce that if you did face a disability
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we want to make sure that you have
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confidence and peace of mind in every
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circumstance to the best of your ability
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and that's why waiver of premium is the
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number one way that you can make sure
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you bulletproof your life insurance
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[Music]
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you
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