Riders are additional provisions or amendments that can be added to life insurance policies to tailor coverage to specific needs. Here’s how to customize your life insurance policy with riders:
- Waiver of Premium Rider: This rider waives premium payments if you become disabled or are unable to work. It’s helpful in protecting your coverage if an illness or injury impacts your ability to pay premiums.
- Child Term Rider: This rider provides term life insurance coverage for your children, often for a lower cost than purchasing a separate policy. It can be converted to permanent coverage later.
- Accidental Death Benefit Rider: This provides additional coverage if the insured dies due to an accident. It’s a useful option for individuals with higher occupational or recreational risks.
- Guaranteed Insurability Rider: This rider allows you to increase your coverage at certain points in life (such as after having a child or getting married) without undergoing a medical exam.
- Long-Term Care Rider: This rider allows policyholders to use their death benefit for long-term care costs if they develop a chronic illness or are unable to perform daily activities. It’s a useful option for those who want a hybrid of life insurance and long-term care coverage.
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