Optional Riders Top 8 Benefits Added to life insurance policy
ByOptional riders Read this and quickly learn how you can add benefits at little or no cost to your life insurance policy and protect your family.
When you purchase your life insurance you will be given a list of riders that you can add to your policy.
Some of these optional riders include:
1. Waiver of premium.
This provides that the company, without any further payment of premiums, will keep your policy in force if you become totally disabled and cannot work before the age of 60 or 65.
2. Automatic premium loan provision.
This provides that the end of the grace period if the premium is not a paid a loan will automatically be made from the policies cash value to pay the premium. This keeps your policy in effect but it will reduce the cash value of your policy.
3. Disability income.
Provides a monthly income if you are totally disabled after an initial waiting period.
4. Accidental death benefit. This provision provides an additional amount of insurance in the event that you die by accident. Sometimes this benefit will amount to two or three times the face amount of the policy.
5. Guaranteed insurability.
This is usually the option to buy the stated amount of additional insurance at specific intervals up to a maximum age.
6. Cost of living rider.
This enables you to purchase more insurance each year to help offset increasing insurance needs due to inflation and the amount is based on the increases in the cost of living index.
7. Spouse rider.
This will provide level term coverage on the life of your spouse.
8. Children’s rider
This will provide level term coverage on the life of your children.
Jimmy says look over these riders and decide which ones will benefit you and your family.
Whoa Jimmy?
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Optional riders can make a policy more valuable and if you have any suggestions in this area, please share with our readers in the comments.
