Riders are additional benefits that can be bought an🐓d added to a basic life insurance policy. They allow you to customize a policy and can provide several 𒆙kinds of protection if you meet their conditions.

Buying a rider means paying extra, but generally, the additional premium is low because relatively little underwriting is required. Here are eight common life insuranc♐e riders and what they cover.

1. Guaranteed Insurability Rider

This rider allows you to purchase additional insurance coverage in the stated period with🅰out the need for further medical examination. A guarantꦺeed insurability rider is most beneficial when there has been a significant change in your life circumstances, such as the birth of your child, marriage, or an increase in your income. If your health declines with age, you will be able to apply for extra coverage without giving any evidence of insurability.

This type of rider may also provide a renewal of your base policy at the end of its term without medical che♔ckups. Guaranteed ins🎀urability riders may end at a certain age.

2. Accidental Death Rider

An accidental death rider pays out an additional amount of death benefit if the insured dies as the result of an accident. Normally, the additional benefit paid out on death due to an accident is equivalent to the face amount of the original policy, which doubles the benefit. In the event of death due to accidental bodily injury, the insured's family gets twice the amount of the policy. That's why this rider is called a double 澳洲幸运5官方开奖结果体彩网:indemnity rider.

If you are the sole provider for your family, an accidental death rider can be ideal because the double benefit will take good care of your surviving family's expenses.

3. Waiver of Premium Rider

Under this rider, future premiums are waived if t💞he insured becomes p🥀ermanently disabled or loses their income as a result of injury or illness prior to a specified age. Disability of the main breadwinner can have a crippling effect on a family. In these circumstances, the rider exempts policyholders from paying the premium due on the base policy until they are ready to work again.

A waiver of premium rider can be valuable, particularly when the premium on the policy is high. The definition of the term "totally disabled" may vary from one insurer to another, so be aware of the terms and cond🐭itions of your specific rider.

4. Family Income Benefit Rider

In case the insured dies, a 澳洲幸运5官方开奖结果体彩网:family income benefit rider will provide a steady flow of income to family members. When buying this rider, you need to determine the number of years your family is going to receive the benefit. The merit of having this rider is obvious⁠—in case o🔯f death, the surviving family will face fewer financial difficulties thanks to the regular monthly income from the rider.

5. Accelerated Death Benefit Rider

Under an accelerated death benefit rider, an insured person can use the༒ death benefits if diagnosed with a terminal illness that will considerably shorten their lifespan. On average, insurers advance a percentage of the death benefit of the base policy to the insured.

Insurance companies may subtract the amount you receive, plus interest, from what your 澳洲幸运5官方开奖结果体彩网:beneficiaries receive on your death. Most often a small premium ꧒or, in some cases, no premium is charged for this rider. Insurers have different definitions of "terminal illness," so check what the rider covers bef𓃲ore purchasing it.

6. Child Term Rider

This rider provides a death benefit in case a child dies before a specified age. After the child reaches maturity, the 澳洲幸运5官方开奖结果体彩网:term plan can be converted into 澳洲幸运5官方开奖结果体彩网:permanent insurance with coverage up to five times the original amount without the need for medical exam🦄s.

7. Long-Term Care (LTC) Rider

In the event the insured has to stay at a nursing home or receive home care, this rider offers monthly payments. Although 澳洲幸运5官方开奖结果体彩网:long-term care insurance can be bought individually, insurance companies also offer riders that take care of your long-term care costs.

8. Return of Premium Rider

Under this rider, you pay a marginal premium and at the end of the term, your premiums are returned to you in full. In the event of death, your 澳洲幸运5官方开奖结果体彩网:beneficiaries will receive the paid premium amount. Insurers sell 澳洲幸运5官方开奖结果体彩网:return of premium riders with many variations so make sure you understand the phrasing of the rider before you buy.

The Bottom Line

Most insurers don't allow you to modify your insurance policy according to your individual needs, but riders can help customize coverage. Always be sure to read the fine print before you add a rider to a life insurance policy. If needed, sit down with an insurance advisor to evaluate the benefits of riders and then buy the one best suited to you and your family.