What are Life Insurance Riders?


When you are issued a term life insurance policy, you can opt for extra benefits, also known as riders. Life insurance riders help to personalize your policy with supplemental coverage.

There are several common riders to choose from. Term life insurance riders are fairly universal; but please be sure to contact your insurance agency in order to settle on the appropriate riders to include in a policy. Several are illustrated below:

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Accelerated Death Benefit: This life insurance rider may enable you to collect a part of the life insurance policy while you’re still alive. This could go into effect due to medical conditions such as terminal illness or the need for permanent hospice care.

Waiver of Premium Rider: When you include this life insurance rider in a policy, it may waive the responsibility for you to pay a premium if you should become disabled for a period of time. If the disability prevents or hinders your ability to acquire income, the life insurance rider could guarantee that the life insurance is maintained, even while the premiums are not paid.

Disability Income Rider: If you should remain disabled on a permanent basis, this life insurance rider may provide a monthly income.

Renewal Provision: A renewal provision helps to guarantee a life insurance policy’s renew ability at the end of the term. This provision can also help with adding different coverage at that time or other riders. However, some renewal provisions are attached to certain age groups or to a certain time period, so it is important to check whether you could be uninsurable.

Family Income Benefit Rider:  Instead of receiving one lump sum, the beneficiaries of the term life insurance policy could receive monthly payments after your death. You may be able to define the period of time in which to issue monthly payments.

Accidental Death Benefit: This rider provides an additional sum of money to the beneficiaries if you should die as the result of an accident.

Please note that adding additional riders to a policy may increase the cost of the term life insurance policy, so it is important to find affordable term life insurance first and then decide which riders would be most appropriate for you.

For more information on options, please go to the Renewable Term Life Insurance page.

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