Variable Appreciable Life Insurance?
In 1986 I got a VAL policy from Pridential. I rewarded for disability waiver of premium. I got disabled within 2004 and they waived premium. I get a letter stating that i turned 65 and premiums will no loger be waive after age 65. Is this correct? Also they have increased my monthly premium from $60 a month to $243 a month because I turned age 65. Is this allowed? Thank you
Answers: All of the policies I sold would pay packet in armour of disability as long as you were disabled past age 65. If your disability continued past age 65 the premiums would still be waive. I don't know about your policy but look at the wording of the disability clause. If your policy drops the disability coverage at age 65, next yes, it is possible for a variable policy to progress up that much.
Only people who hold a series license may discuss the premium situation. Since I don't, I will singular address the disability portion of your question.
Almost adjectives disability riders on life insurance policies single waive the premium until the person turns 65. That is because when you turn 65 you hold Social Security as a source of income. Therefore, you are no longer considered totally disabled from an insurance point of view.
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Answers: All of the policies I sold would pay packet in armour of disability as long as you were disabled past age 65. If your disability continued past age 65 the premiums would still be waive. I don't know about your policy but look at the wording of the disability clause. If your policy drops the disability coverage at age 65, next yes, it is possible for a variable policy to progress up that much.
Only people who hold a series license may discuss the premium situation. Since I don't, I will singular address the disability portion of your question.
Almost adjectives disability riders on life insurance policies single waive the premium until the person turns 65. That is because when you turn 65 you hold Social Security as a source of income. Therefore, you are no longer considered totally disabled from an insurance point of view.
Pretty interesting interrogate.Suggest you visit here for adjectives tips.http://lifeinsurance.online-helpers.info...