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Life Insurance Riders

the life insurance ridersLife insurance riders can be used to customize a policy to suit your needs. Attaching riders will raise the cost slightly, but they often prove to be more economical than purchasing another policy outright. If you are preparing to buy life insurance for your family, consider adding some of these riders to the policy.

Spouses and Children

A great way to get coverage for multiple family members, life insurance riders may provide your spouse or children with coverage. A spouse who works inside the home provides valuable financial benefits by saving the family money on daycare and cleaning expenses. Children can quickly become uninsurable if they are diagnosed with diabetes or another health ailment, so it is a good idea to insure everyone.

Disability and Long-Term Care

Death is a big concern, but a serious disability is also devastating financially. Choose life insurance riders that will pay if you become disabled through any event of accident. A long-term care rider will cover the cost of care should you be injured or become seriously ill.

No-Lapse Protection

Forget to pay on your life insurance and you will lose your coverage. No-lapse life insurance riders are designed to ensure that the policy remains intact even if you forget to make payments. Typically available with universal or whole life insurance policies, these riders ensure coverage even during tough financial times.

Return of Premium

Protect your finances by investing in return of premiums life insurance riders. If you should outlive the policy term, all of your premium payments are returned to you. The cost per month will rise slightly, but it can make you feel better about paying the premiums when you know the money is essentially refundable.

Life insurance riders represent an affordable way to customize your coverage to meet your needs. While it might be expensive to insure the kids by themselves, a rider can make the cost more attractive. Thinking of other catastrophic events like disability and the need for long-term care can help you protect your family for the future. An investment in your family’s financial protection, life insurance riders are important parts of your overall protection policy.