Do you find that the life insurance policies you’ve researched don’t cover exactly what you’re looking for? You may be able to add on life insurance riders to help!
Riders help in tailoring your term life insurance coverage to suit your particular circumstances.
You may be able to choose among several riders to determine an appropriate policy for you.
There is generally a certain degree of standardization among common life insurance riders. However, be wary that there could be differences so please get in touch with your insurance agent or provider for details before opting for one.
There are a number of term life insurance riders to choose from; here are descriptions of a few:
Accelerated Death Benefit: The way this kind of life insurance rider works is that it could enable you to collect part of your life insurance policy before you die. Some reasons you’d be able to withdraw money may include having funds to treat a terminal illness, as well as providing for hospice care coverage.
Waiver of Premium Rider: If you sign up for this type of life insurance rider, your insurance company usually waives your responsibility to pay the premium in the unfortunate event that you were to be made disabled for a short term or long term. Even if your disability prevents you from making any income, this particular rider may include a guarantee where this life insurance policy is maintained without any payment of premiums.
Disability Income Rider: This life insurance rider could potentially pay out a monthly income should you become disabled indefinitely.
Renewal Provision: What a renewal provision does is help ease renewing a life insurance policy when the term ends. Keep in mind that some of the renewal provisions out there are connected to people in particular age groups, or the renewal date comes during a particular time frame, so you might want to check and make sure if you are potentially unable to renew the policy. This provision may also help with adding different coverage at time of expiration or other riders. For more information, visit our renewable term insurance page.
Family Income Benefit Rider: With this provision, those who are designated the term life insurance beneficiaries may be able to get monthly payments if you were to die. You could potentially set it up to specify the amount of time for the beneficiaries to receive monthly payments.
Accidental Death Benefit: This life insurance rider could provide an additional amount of money for your beneficiaries in case you were to pass away in the event of an accident.
It is critical for you to evaluate which term life insurance policy could be best for you before supplementing your coverage with riders. Riders add costs to your life insurance policy: be sure you need to be covered!
If you would like to find out how term life insurance can be of use to you, please fill out a short, simple form to get free, no-obligation quotes!