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Feeling like your life insurance policy doesn’t quite meet your expectations? If you’re having second thoughts, maybe it’s time to add additional benefits through a rider. There are four types of riders you can add to your policy, but the first order of business is understanding what they can and cannot do:
- Waiver of premium
This is one of the most common. It waives the cost of insurance in the event you become disabled. That means you won’t have to pay coverage anymore. If you don’t have disability insurance, this may be an option to consider.
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- Term life rider on a whole insurance policy
If you have a whole life insurance policy, adding a term life insurance rider to that policy will increase the death benefit without a huge increase in the amount you currently pay.
- Guaranteed-purchase-option-rider
This policy adds additional coverage without the need for an additional medical exam. It’s also called guaranteed insurability, and usually covers about $20-25,000 of additional coverage.
- Accidental death and dismemberment
The accidental death and dismemberment rider covers death or dismemberment of the insured that was unintentional. It includes loss of use and loss of body parts of functions.
These are standard riders that can be added to your current life insurance policy that increase the amount of coverage you have for those “just in case” scenarios. They can be complex, so speaking to your insurance agent to compare your options is always a good idea to make sure you have all the information you need to make an informed decision.
