Customized Insurance Coverage

As when buying a new car, life insurance also offers a variety of options known as “riders”. Take a look at the following riders* (in alphabetical order) to see if any help with your insurance protection needs:

Accelerated Death Benefit Rider

An insured person with a terminal illness may receive a portion of the benefit while alive to pay medical expenses .

Accidental Death Benefit Rider

This rider pays an additional amount of typically up to two times the death benefit in the event of an accidental death.

Cost of Living Rider

Some whole life insurance policies allow you to increase your coverage by the same percentage the government’s Consumer Price Index increases .

Guaranteed Insurability Rider

This rider guarantees that you can renew your policy regardless of health.

Long-Term Care Rider

Like the Accelerated Death Benefit Rider, this rider allows you to take early benefits to pay for long-term care.

Paid-Up Additions Rider

This rider uses whole life dividends to increase the policy’s cash value and death benefit.

Return of Premium Rider

A few term life insurance policies offer this rider, which returns some or all of the premium at the end of the agreed-upon term.

Term Conversion Rider

This rider can be an important one for younger policyholders who buy term insurance because of its affordability, but intend to convert to whole life insurance down the line. The rider guarantees a coverage without medical underwriting.

Waiver of Premium Rider

If you become disabled and can no longer work, this rider will waive your premium payments.

Tap the Brakes?

Some of these riders that pay out for events other than death will likely reduce the policy’s death benefit and cash value. Talk to a life insurance professional to learn more.

* Applications for life insurance are subject to underwriting. No insurance coverage exists unless a policy is issued and the required premium to put it in force is paid. Riders may incur an additional premium. Rider benefits may not be available in all states. Guarantees are based on the payment of required premiums and the claims paying ability of the issuer.