Riders in Life Insurance

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Riders in insurance policies facilitate the allocation of personalized benefits to the consumer at a nominal additional cost. Riders help convert standard policies into more attractive ones so that consumers can use them to meet their specific life requirements.

Let’s take the example of an accelerated death benefit rider. This rider ensures the insured receives a payout while he/she is still alive (in the event of an unfortunate terminal illness). There are many riders associated with insurance policies. The list below provides a clear picture to help you choose a policy with the right rider.

1. Accidental Death Benefit Rider: This rider will increase the death benefit in the scenario of an accidental death.

2. Accelerated Death Benefit Rider: This rider pays out the death benefit in advance if you become terminally ill. It ranks among the most popular riders.

3. Term Rider: This rider allows the insured to add any kind of term insurance to his/her policy so that the family received additional sum assured in case of an unfortunate death.

4. Waiver of Premium Rider: This rider ensures you don’t pay premiums on your policy in the event of a disability. In case of child plans, these riders waive of the future premiums of the policy in case of death of the parent or the premium payer.

5. Disability Income Rider: This rider allows you to collect payouts in case of total disability.

6. Return of Premium Rider: This rider ensures refund of premium if you live past the duration of your policy. This is usually associated with term plans.

7. Critical Illness Rider: This rider ensures you receive payouts if you are diagnosed with any of the illnesses mentioned in the policy.

Choose the right policy after going through the life insurance riders featured in this list. The decision on choosing the rider should be based on your priorities. Consider your income, dependents, spending and debts while going for a rider.

Hop online and explore different providers for the right policy and rider. Seek online advice from the sites you visit to choose the perfect term plan with riders.

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