Common Life Insurance Riders

Posted in Life Insurance , Life Insurance Riders

July 17th, 2009

If you get life insurance for yourself, so that your loved ones get some financial benefit to live on after you die, you’re taking a huge step to ensure that they have some options in the aftermath of your passing. If you have a spouse or domestic partner and some young children, you want to make sure that they are not left to scramble to survive should your income disappear. With life insurance, they will have that measure of financial security. As important as life insurance is, however, and as effective, it still doesn’t cover every single thing you want it to cover. Life insurance issuers are aware of this, and so they offer customers life insurance riders to supplement and enhance a basic life insurance policy.

Some of the most common life insurance riders are:

Guaranteed Insurability: If you pay extra for the guaranteed insurability rider, you are paying to have the life insurance company offer you life insurance even if your health circumstances change. Generally speaking, the guaranteed insurability rider means the life insurance company can’t drop you.

Accidental Death: If you get the accidental death benefit rider, you are buying more money paid out at the time of your death if the death is an accident, as opposed to complications of old age.

Children’s Protection: The children’s protection rider means that your insurance provider will cover all your children with life insurance. So, if something happens to them, they too will have life insurance.

Disability Waiver of Premium: This life insurance rider will waive your monthly premium if you get into an accident and can no longer work, and hence no longer pay for your life insurance. With the disability waiver premium, you will continue to enjoy life insurance.

These are some of the most common life insurance riders. Life insurance rider options will vary from provider to provider, so be sure to ask what choices you have before you commit to a specific life insurance policy.

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