What Are the Different Riders That Can Be Added to a Life Insurance Policy?
When it comes to protecting your family and loved ones, life insurance is an essential tool. It can provide financial security in the event of your death by paying out a lump sum or regular payments. To make sure that your policy meets all of your needs, you may want to consider adding riders to it. These riders offer additional coverage, giving you more peace of mind.
What Is a Rider?
A rider is an extra feature that can be added on to an existing insurance policy. It provides additional protection and coverage beyond what is included in the base policy. Riders are usually optional, so you don’t have to purchase them if you don’t need them. However, they can be a great way to customize your policy and make sure that it meets all of your specific needs.
Types of Riders
There are several different types of riders that can be added to a life insurance policy. Some of the most common include:
- Accidental Death Benefit Rider: This rider pays out an additional benefit if you die as a result of an accident. This rider can provide extra financial protection for your family in case something unexpected happens.
- Waiver of Premium Rider: This rider waives the premium payments if you become disabled and unable to work. This ensures that your coverage remains in effect even if you’re unable to make premium payments.