Life insurance riders are features and options that help customize a basic life insurance policy to fit the policyholder’s requirements. Here are some common life insurance riders:
Accidental Death Benefit Rider: This rider pays the beneficiary an additional benefit above the base death sum assured if the insured dies due to an accident. It provides extra financial protection.
Waiver of Premium Rider: This rider keeps the policy in force without future premiums being paid if the insured is disabled and unable to work. It maintains coverage throughout the period of disability.
Term Conversion Rider: This rider offers flexibility regarding changing insurance needs by converting a term life insurance policy into a permanent insurance policy without requiring a new medical test.
Long-Term Care Rider: This rider pays benefits for care when the insured needs help with daily activities or in cases of severe cognitive impairment.
Understanding riders and how they can supplement your life insurance coverage allows for a policy tailored to meet changing financial goals and protection needs.
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