No-Lapse Guaranteed Benefit Rider
The most dangerous aspect of life insurance is the risk of your policy potentially lapsing. When a life insurance policy lapses, policyholders risk losing all their benefits and the rates they locked-in previously. Because universal life insurance does not have a required payment schedule, it is much easier for consumers and policyholders to forget to pay their life insurance premiums and risk lapsing.
The no-lapse guaranteed benefit rider prevents you from losing life insurance coverage by imposing a premium payment schedule on a universal life insurance policy. This requires minimum payments be made on a regular schedule and avoids the policy from lapsing on a policyholder, unknowingly.
Essentially, no lapse universal life insurance becomes whole life insurance with no endowment, and is still affordable with low rates. Enter your zip code and we will help you find and compare cheap life insurance quotes.
