Useful riders for life insurance

Jun 24, 2011

There are a few riders families should consider when purchasing life insurance

Experts say there are a handful of policy add-ons that can help provide additional benefits and peace of mind when consumers purchase a term life insurance policy.

Barbara Marquand of the website Insure reported that a waive of premium rider can be useful if a policyholder becomes disabled and can no longer afford to make payments. The waiver does expire, but in the meantime it can provide families a break if their income becomes limited. A disability income rider provides a steady stream of cash from their life insurance company if a policyholder can no longer work because of disability, said the report.

There are also riders that allow consumers to switch from a term life insurance policy to whole life insurance without undergoing a medical exam. And policyholders who become critically ill could get an advance on their death benefit in order to cover certain hospital or treatment costs, said the report.

Riders can sometimes get expensive, and experts suggest policyholders trim the ones they don't need if they feel their premiums are becoming too costly to maintain. Ultimately, a standard term life insurance policy may be more important than most add-ons.

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