If you're planning on signing up for life insurance, there are a lot of factors to consider. One of them is whether or not to sign up for a life insurance disability waiver. If you're feeling unsure about what you do or don't need when you sign up for life insurance, this guide will explain what a disability waiver is, how it can help you, and why you should consider signing up for it.

What a Disability Waiver Does

When you sign up for life insurance, you're expected to pay a premium to stay on the service, either every month, quarterly, or yearly. If you're healthy when you sign up for life insurance, the insurance will continue to cover you even if you develop a disease or some other severe health problem.

However, if your health problem gets in the way of employment, and you find you can't pay for your premium, this is where a disability waiver can help. Disability waivers are designed to pick up the premium for you during your disability period, whether it's temporary or permanent.

Disability Waiver Differences

If you choose to sign up for a disability waiver, make sure to read all of the details on your waiver. Every insurance company's waiver is different, and they may have different rules. For example, if something happens and you can't work, it may take a few months before you are actually considered disabled and you may need to continue paying your premium until you achieve disabled status. These terms are generally fair and may even pay you back retroactively for the time you initially became disabled, but you should still look over the terms carefully.

Why You Might Need It

If you're healthy and young, you might think that you don't need a disability waiver, or that you won't until years down the line. However, life can always find ways to surprise you. You could be in perfect health a few years from now, but suffer an injury in a car accident, work accident, or a natural disaster that leaves you unable to work.

You should also consider your family's health history before deciding to turn down a disability waiver. If your parents or siblings have developed diseases, organ problems, or other health problems, you might be subject to the same problems later in life even if you're healthy now. Disability waivers are a small price to pay for peace of mind and knowing that your insurance will remain intact if you can't work.

Signing up for a life insurance policy shows means that you're thinking ahead about your family and loved ones. Adding a disability waiver to your policy will give you personal reassurance knowing that your life insurance will be there to protect your family even if you can't afford to pay for your premium anymore. For more information, consider contacting a professional like those at Davies-Barry Ins.