However, this will result in lower cash values and a shortened coverage period. Provisions or riders that provide additional benefits can be added to a policy. One such rider is a waiver of premium for disability. With this rider, if you become totally disabled for a specified period of time, you don't have to pay premiums for the duration of the disability. An accidental death benefit, for example, pays an additional benefit in case of death resulting from an accident.
Some companies provide accelerated benefits, also known as living benefits.
This rider allows you, under certain circumstances, to receive the proceeds of your life insurance policy before you die. Such circumstances include terminal or catastrophic illness, the need for long-term care, or confinement to a nursing home. Ask your agent for information about these and other policy riders. The date that insurance goes into effect could be different from the date the company issues the policy. If you decide to purchase the policy, always check precisely when the insurance becomes effective.