Minnesota Life Insurance Quotes

When purchasing a whole life Minnesota insurance policy you may want to consider adding a waiver of premium rider to help safeguard your insurance coverage.  For an additional fee, this rider is an addition to your life insurance policy that changes the coverage terms.  The waiver of premium rider indicates that the Minnesota life insurance company will not collect premiums while the policyholder is disabled.  The definition of disabled may differ from company to company but they generally use two different definitions, one is called any profession disability which means you are unable to work in any profession.  The other is established profession disability, which means your are unable to work in your current profession, which has it’s advantages over the other definition.  This allows for a person who is a trained as an ironworker and suffers a back injury that makes them unable to perform the physical labour of their job, then you would be considered disabled under the established profession disability however you may not under the any profession disability definition as you could find work doing a less physically demanding job.  Ensure you carefully read which definition your Minnesota insurance company uses.
You must be considered disabled for a minimum length of time which is usually 6 months before this rider will go into effect.  Once this time limit is met, the premiums for your life insurance policy will be waived as long as you’re disabled.  Once you are able to return to work you will need to start paying the premiums again.  The additional cost of adding this rider will be low in comparison to the premium of the base policy as there is little additional underwriting needed.  Ask your Minnesota life insurance agent about adding this rider for the additional security it provides.