Life insurance isn’t a one-size-fits-all solution. You have many options to cover your needs, including the ability to purchase additional benefits on a basic life policy. These additional policy benefits are called life insurance riders.
Some riders are automatically included in a policy at no extra cost. Other riders will require additional premium cost. Life insurance rider benefits are available for many needs, from terminal illness and long-term care costs to term insurance coverage of children or of a spouse. With that said, you must meet the conditions outlined in the rider to enjoy its particular benefit.
In some policies, you may blend different riders together, at additional cost. The riders you choose, whether included in the policy or purchased at additional cost, may be used for current or future insurance needs.
Since many life insurance riders mean additional premium to be paid, it’s prudent to be sure you don’t get too much insurance. Knowing the basics of different riders and what they offer is a good starting point. Let’s go more into that now.
Common Life Insurance Riders – What You Should Know
Here are some of the most common life insurance riders you will find. Keep in mind that rider options will vary among policy contracts and insurance carriers. Some rider benefits also vary by state, and in some cases they may not be available for purchase.
