Return of Premium is a rider that can be added to your insurance plan for peace of mind. If the insured passes away having never filed a claim, the premiums that were paid for the plan or a portion of the premiums paid will be returned to the surviving heirs. Each insurance company offers different variations of this rider, so be sure to read the contract before deciding whether or not to add this rider to your plan. As this benefit is a rider added onto your insurance plan, your premium will increase with this option.
Waiver of Premiums is sometimes built into a policy or may be offered as an additional rider that you can add to your policy. The waiver of premium means that once a claim is filed and benefits begin being used, the insured would no longer have to pay their premium. Typically, the elimination period would have to have been satisfied before this waiver would begin. This option is typically automatic once the insured is admitted to a nursing home, but may not be automatic for in home care. You will need to be sure to read the contract and speak with an insurance agent about exact coverage for each plan before deciding on this rider. If your plan lists this as an add on rider, your premium will increase.
