Life Insurance Riders Current Rates, News & Information

Insurance Riders: Overview

Posted in Auto Insurance Riders , Life Insurance Riders

September 29th, 2009
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No two people are exactly alike, and therefore they will require different needs from their insurance coverage. Unless you are 100% average, chances are that your insurance policies including auto, home and health will all include some type of insurance rider to help customize a policy to meet your specific needs. When it comes to insurance coverage, a “rider” is defined as an additional set of conditions that are supplemental to the the basic package offered by the insurance company.

Riders come in many shapes and sizes, and they can vary greatly based on the personal needs of a policyholder. For example, a young couple just starting out in the world may not yet own their home or a lot of expensive possessions. They may opt for an affordable rental insurance policy and generally that may cover their basic needs. However, once you add into the equation the value of an expensive engagement ring, that policy may not be sufficient and an additional jewelry rider covering it may be required to provide financial security in case the gem is stolen.

Life Insurance Riders

Throughout the entire insurance industry, riders are commonplace. There are many life insurance riders for you to choose from:

• Common life insurance riders
• Guaranteed insurability
• Accidental death
• Children’s protection
• Disability waiver off premium

Auto Insurance Riders

Auto insurance also has its fair share of riders that consumers may opt into. Some options include:

All this coverage may cost you extra but will provide you with the piece of mind needed.

Health Insurance Riders

Not to be excluded from all this is health insurance. Although it is typical for health insurance companies to include riders to protect themselves from the cost of “preexisting conditions,” consumers can also put some in place. Health care riders are fairly common, especially when it comes to getting:

• Maternity care
• Prenatal care
• Dental and vision care

Regardless of the type of insurance adding riders will ultimately cost the insured more money out of pocket. However, the inclusion of specific coverage may be worth the additional cost paid and should be considered by all regardless of the type of insurance being purchased.

Best Life Insurance Riders

Posted in Life Insurance , Life Insurance Riders

September 25th, 2009
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Getting life insurance is one of the most responsible things you can do, especially if there are people who depend on you for their safety and security. Are you married, with a spouse and children? If so, you want to make sure that your sudden death won’t leave them in a bad financial place seeing as your income won’t be available anymore. You need to get life insurance, but like most things in life, insurance is not one size fits all. Life insurance providers know this, and so they offer optional life insurance riders alongside their basic life insurance policies. Determining which of them are the best life insurance riders for your needs requires careful study and evaluation.

Finding the Right Riders

The best life insurance riders will be open to debate, so what that means is that the best life insurance riders are, by definition, the riders which are best for your personal situation. You may be getting life insurance for you spouse or domestic partner, with whom you have no children. That means getting a child term rider would be a big waste of your time and money. Or, you may be divorced but have small kids. Since you’re now single, you wouldn’t want to get the spouse insurance rider.

Clearly, with so many different life insurance riders targeting so many different concerns and scenarios, you’re going to find that the best life insurance riders are the ones that make the most sense to you. From there you can evaluate each life insurance rider that pertains to you, and ask yourself whether you really need it or not. Don’t forget, insurance brokers make more money when you spend more money, so you need to be aware that the broker may be trying to sell you a rider that you really don’t need.

To learn more about the best life insurance riders for your needs, be sure to consult with a life insurance professional.

FAQ: When to Consider Life Insurance Riders?

Posted in Life Insurance , Life Insurance Riders

September 25th, 2009
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Are you thinking about getting life insurance? There are different options you can choose from if you are. Here are some insurance types that are available to you:

• Term life insurance
• Whole life insurance
• Permanent life insurance
• Universal life insurance
• Variable life insurance

Riders for Supplementation

However, with all of these choices, you have still more options available to you in the form of riders, and just about all of these life insurance types offer riders to their policies. Riders are basically insurance policies that enhance, supplement, and strengthen an original life insurance policy. They are optional, cost more to add on to your policy, and are extremely effective when you need them.

Picking a Rider

Life insurance riders need to be evaluated on a rider-by-rider basis so that you don’t spend any more than you already are for coverage that you really don’t need. Some of the most common (and therefore most popular) life insurance riders are waiver of premium, accelerated death benefit, family income benefit, return of premium, and long-term care. These riders will all cover specific scenarios that you either want to see happen or, conversely, that you want to avoid. For example, if you have a family and want to make sure they have a consistent amount of income each month, you can choose to pay extra for the family income benefit rider. Or, if you’re worried that you may be injured and require long-term care – which is unbelievably expensive – you can opt for the long-term care benefit rider. Again, these riders all cost extra on top of your life insurance policy, and you probably won’t need every single one of them.

To learn more about life insurance riders and life insurance in general, be sure to consult with a life insurance specialist.

Advantages / Disadvantages of Life Insurance Riders

Posted in Life Insurance , Life Insurance Riders

September 18th, 2009
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Life insurance means that our loved ones will get money from the life insurance provider should we suddenly die, and their source of income and financial security suddenly disappear along with you. With life insurance you get a basic policy, and on top of that you can add various riders to your policy which supplement and enhance the fundamental policy. There are advantages and disadvantages of life insurance riders.

To learn more about the advantages and disadvantages of life insurance riders, be sure to consult with a life insurance professional. Another good, objective source of information and advice would be a consumer advocacy group that specializes in insurance.

Long-Term Care Insurance Riders: Additional or Partial-Cash Benefit

Posted in Life Insurance , Life Insurance Riders

August 19th, 2009
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It’s never very much fun to plan for our old age. It conjures up images of frailty and restriction of movement, and increasing dependency on others. Of course, thinking about what comes after old age – death – makes us even more uncomfortable. But think about it we must, especially if there are people in our lives who we want to make sure are cared for after we are gone. If you, like millions of others who are concerned about the circumstances of their old age, have bought long-term care insurance, then you may want to think about exploring the many optional riders that are offered along with it. You will pay more for these riders above and beyond your long-term care insurance, but these supplements will truly pay off when you need them. One popular long-term care insurance rider is the additional or partial-cash benefit.

If you opt to pay for the additional or partial-cash rider, you’re giving yourself much more flexibility in terms of using your long-term care insurance. A full indemnity policy will pay you on a monthly basis for all your long-term care needs once you start to need it. By contrast, with an additional or partial-cash option your coverage will begin once you have used one hour of care. You will also:

• Receive your cash allotment on a daily basis.
• Receive your cash allotment whether you actually get any care on that specific day at all. Once the process has begun, you’ll get your cash benefit from the insurance company and you can do with it what you wish.
• Be able to spend the money on your long-term care when you actually need it, and not when you don’t.

To learn more about long-term care insurance, long-term care insurance riders, and the additional or partial cash rider specifically, be sure to consult with a long-term care insurance professional. With his or her help you will be able to evaluate your long-term care needs and see which variation of choices will suit you best.

Life Insurance Rider Facts

Posted in Life Insurance , Life Insurance Riders

August 4th, 2009
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Growing up in the United States means different things for different people, but for many of us it means a roof over our heads and a loving (if dysfunctional) family around us. Sheltered and cared for, we eventually move on and form families of our own. When that happens it is probably safe to say that we are no longer kids anymore – at least in the technical sense – now that we have others to look out for. One way in which we provide for others is by getting life insurance. Life insurance is necessary to pass on benefits, triggered by our death, to the people we have named as beneficiaries. Lie insurance is not a one-size-fits-all proposition, and life insurance issuers will allow subscribers to modify their life insurance plans by paying for extra benefits, known as riders.

Four of the most common life insurance riders are:

1. Accidental Death Benefit.If you get the accidental death benefit rider, you are paying for more money to be paid out at the time of your death, if it is an accident, as opposed to complications of old age.

2. 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.

3. 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 are no longer able to pay for your life insurance. With the disability waiver premium, you will continue to enjoy life insurance.

4. Children’s Protection Rider. 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.

Life insurance riders vary from life insurance provider to life insurance provider, so be sure to ask more about them before you commit your money to a providing company.

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Common Life Insurance Riders

Posted in Life Insurance , Life Insurance Riders

July 17th, 2009
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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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Life Insurance Rider Basics

Posted in Life Insurance , Life Insurance Riders

July 9th, 2009
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When you get life insurance, you’re protecting your loved ones in the event that you pass away. Whoever you name as the beneficiary or beneficiaries of your policy will receive the proceeds from the life insurance company. When you buy a life insurance policy, you can get as comprehensive as you’d like by paying extra for what are called life insurance riders. These riders are basically supplemental insurance policies tacked onto your life insurance policy.

Some examples of life insurance riders include Guaranteed Insurability (you can add more coverage without further medical examination); Waiver of Premium (you won’t have to pay any more premiums should you become disabled and hence can’t work); and Accelerated Death Benefit (the release of a percentage of the benefit before the insured person dies so they can enjoy some of the money).

These are just a few of the kinds of life insurance riders available to policy holders if they want to add on to their life insurance policy. To learn more about life insurance riders and life insurance, be sure to consult with a financial advisor. He or she can give you their professional opinion as to which life insurance riders will serve you best.

Americans tend to share a pretty common life arc: We’re born, we go to college, we get a job, we get married, we raise a family, we retire. Along the way we do everything we can to enjoy ourselves and do the right thing, and hopefully try leave the world a better place than we found it. One big part of this shared story is life insurance. When we get married, it is, for many of us, the first time we have to really start thinking about someone else besides ourselves. And of course, once we have children that becomes even more of the case. There’s an argument to be made that that elusive concept of “growing up” actually means “taking care of others.” Getting life insurance is a tangible step in that direction.

Long-Term Care Insurance Riders: 10 Years Paid or Premium Reduction at 65

Posted in Compare Life Insurance , Life Insurance , Life Insurance Riders , Save on Life Insurance

May 12th, 2009
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Everyone is looking for ways to save money. You might think that when it comes to life insurance there’s simply no way to save – the thought of the financial calamity that would befall you should you be without critical insurance is just too much to contemplate. So you do need to be insured. The good news, however, is that you do have payment options that can reward you with savings over time. When it comes to long-term care insurance, for example, you can opt for a payment plan that lets you pay your entire insurance policy in 10 years, referred to as 10 years paid-up, or you can pay your lifetime amount up to the age of 65, and never have to pay another premium again.

10 Years Paid

If you opt for 10 years paid up, you’re going to pay off your long-term care insurance in a total of 10 years, and be done with it. The advantage to this 10 years paid up plan is that you won’t have to worry about your premiums going up. Your rate will be locked in. This can save you a considerable amount of money since many long-term care insurers can raise their premiums whenever they like. You could see your long-term care insurance premium rise by $100 a month, or even more.

Paying Till 65

If you pay the higher premium up to the age of 65 you’re almost doing the same thing. You’ll have paid a premium that’s fixed, albeit a high one, up until 65. Once you turn 65 your premium will be reduced, sometimes by a lot.

To learn more about long-term care insurance, 10 years paid up and premium reduction at 65, be sure to contact an expert who specializes in long-term care insurance. He or she can walk you through all your long-term care insurance options and determine which riders are best for your situation.

Long-Term Care Insurance Riders: Joint Waiver of Premium

Posted in Compare Life Insurance , Life Insurance , Life Insurance Riders , Save on Life Insurance

May 11th, 2009
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To many people, the idea of being old and without the means to properly care for yourself is very distressing and anxiety-provoking. To be infirm, dependent on walkers and possibly in need of help maintaining your basic, private hygiene is a very uncomfortable thought. Add to it the idea that you don’t have the cash to pay for the support you need, and now you can easily see yourself as a burden to the rest of your family. And if you don’t have any family, then that raises the question of what your options will truly be. To prevent such a distressing scenario from ever materializing, many people buy long-term care insurance. They will also add all kinds of supplemental care to it, in the form of specific riders. You’ll be paying extra for these riders, but to say they’ll come in handy if and when you need them is an understatement. One such long-term care insurance rider is the joint waiver of premium.

Benefits of a Joint Waiver of Premium

When you purchase the joint waiver of premium rider, you’re adding on to the benefits offered by your long-term care insurance. Let’s say that you and your spouse or partner both have long-term care insurance policies. If one of you (and it only has to be one, not both) has purchased the joint waiver of premium rider, then if one of you see his or her premiums waived due to eligibility under his or her policy, then the other spouse or partner will see their premiums waived also. It basically translates into no more monthly long-term care insurance premiums for either one of you. That could save a lot of money to be spent on more care or whatever else you need.

To learn more about long-term care insurance, the joint waiver of premium rider, and other aspects of long-term care insurance, be sure to speak to an insurance industry professional who has a lot of experience with long-term care insurance.

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