Whole life insurance policies are designed to provide long-term peace of mind. However, there may be times when you want to add more coverage to your policy than what is initially included. Adding a life insurance rider to your policy can help you customize it to meet your needs. Read on to learn more about different types of riders and how they can help provide additional coverage and benefits.
Types of Life Insurance Riders
There are several types of riders that can be added to a whole life policy depending on your needs. Riders are optional additions to a policy that provide protection such as accelerated death benefit or additional coverage for chronic illness. Other riders available to add to your policy include:
- Accelerated Death Benefit – This rider allows the policyholder to access a portion of their death benefit if they are diagnosed with a terminal illness. This can help pay medical bills and provide financial support for the policyholder and his or her family.
- Disability Waiver of Premium – This rider waives the policyholder’s premiums if they become disabled. The policyholder does not have to make further premium payments until they recover from the disability.
- Long-Term Care Rider – This rider provides additional funds to be used for long-term care if the policyholder is unable to perform activities of daily living. This can help cover the cost of nursing homes, home health care, and other long-term care expenses.
- Accidental Death Benefit – This rider provides additional death benefit if the policyholder dies as a result of an accident.
- Children’s Insurance Rider – This rider provides coverage for the policyholder’s children if they die before the policy ends.
Benefits of Adding a Rider
Riders can be an excellent way to customize your policy to fit your needs. They provide additional protection in the event of death or disability, and they can also provide coverage for unexpected costs such as long-term care. Additionally, riders are typically much less expensive than purchasing a separate policy, so they can be an economical way to add additional coverage to your existing policy.
Adding a life insurance rider to your whole life policy can provide increased coverage and peace of mind. There are several types of riders available, and each one can provide additional protection for you and your family. Riders are typically much less expensive than purchasing a separate policy, so they can be an economical way to add additional coverage to your existing policy. Be sure to thoroughly research any rider before adding it to your policy to make sure it fits your needs.