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Life Insurer Offers Job-Loss Rider

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Western-Southern Life Assurance Company is offering a waiver-of-premium unemployment rider with some policies sold through its captive sales force.

The waiver will let policyholders keep their policy for up to 6 months if they lose their job and collect unemployment benefits.

The rider will be available on annual renewable and convertible term and on 10-, 15-, 20- and 30-year level term plans.

The cost of the rider is 3% of the total premium waived, says Western-Southern, Cincinnati.

To be eligible for the rider, the policyholder must be employed 30 hours per week at the time of the issue and be between ages 25-59. The rider can be added at the time the life insurance policy is issued and can be terminated at any time. It is not available for the first 6 months and for 5 years after it is used, and it is not available in all states.