LIFE INSURANCE RIDERS Once you have figured out how much life insurance you require, the number of years you need it and how much you can afford to pay for coverage, you can decide on a policy that best fits your needs. However, it often happens that the different policies offered by various insurance providers vary, and don’t cover all you’re your needs. Here is where insurance riders come to the rescue. What are Insurance Riders? Insurance riders are a provision in insurance that can be purchased separate from basic policies. They provide additional benefits at an additional cost. Usually, standard policies leave little room for customization or modification, beyond choosing deductibles as well as coverage amounts. Riders help policy owners to create an insurance product that meets specific needs. There are an array of life insurance riders and are usually called add-ons. For instance, an accelerated death benefit rider would provide a payout to the policyholder while he/she is still alive, in case of a terminal disease. The policy owner can use these funds to pay for medical expenses. When the insured passes away, the beneficiary receives a reduced death benefit, as the rider has allowed a portion of the amount to be used early. There is no single rider that will cover all your needs and is right for you. findmeanadvisor/life-insurance-riders.html
Posted on: Tue, 12 Nov 2013 10:30:59 +0000
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