Life insurance protects your loved ones financially if you pass away. However, conventional life insurance policies may not provide you with all of the coverage you require. You may be able to increase your coverage by adding one or more policy riders. Some riders even come standard with certain insurance. Here are some common life insurance riders to consider:
What Exactly is a Life Insurance Rider?
Life insurance riders allow you to tailor your insurance coverage to your specific needs and the needs of those you care about. These riders are often add-ons that allow you to select additional features based on your needs. For example, if you have a child, you may wish to add a child rider to your life insurance policy. Below are some of the most frequently requested life insurance riders.
Guaranteed Insurability Rider
One of the most essential riders is the guaranteed insurability option. It allows you to purchase more insurance in the future without needing to meet medical requirements.
Essentially, it secures your current good health so that, even if it deteriorates, you can get more coverage later when you need it the most.
If you don’t have a large insurance need right now but anticipate having one in the future when you have greater financial obligations, you should think about getting this rider. This commonly occurs when a significant life event occurs, such as getting married, having children, or purchasing a property.
Child Term Rider
A child term insurance rider protects your child (or children, if you have more than one) until they reach the age of majority. Because children don’t require much life insurance, this rider provides a low-cost alternative to cover burial and medical expenditures.
One of the advantages of the kid term rider is that the cost remains same regardless of how many children you have. As a result, the lower the price per child, the more children you have.
When your children reach the age of majority, they will be able to convert the coverage into their own term insurance policy. Most significantly, they can do it without demonstrating insurability. As a result, even if their health is poor, they will be able to use this alternative.
Accidental Death Rider
If the insured dies as a result of an accident, an accidental death rider pays out an additional amount of death benefit. Normally, the supplementary benefit paid out in the event of an accident is equal to the face amount of the original policy, doubling the payout. In the event of accidental bodily injury death, the insured’s family receives twice the amount of the insurance. That is why this rider is referred to as a double indemnity rider.
If you are the sole provider for your family, an accidental death rider can be ideal because the double benefit will cover the needs of your surviving family.
Ready to Add Riders to Your Life Insurance?
Riders enable you to adapt life insurance coverage to your specific needs. If you are looking for common life insurance riders to consider, our knowledgeable agents at Panichelle Insurance can assist you! Contact us at https://panichelleinsurance.com/contact-us/ today.