A rider refers to a provision that can be added to your life insurance plan by paying an extra premium. It basically helps you customize your policy so that it can best suit your needs. A rider may also provide some additional benefits apart from those illustrated in basic policies. But all of these benefits are not included at any cost; you may have to pay extra for certain benefits. Let us explore different benefits and options which allow you to customize your policy to the best of your needs.

Accelerated Death Benefit Rider

Life insurance provides an amount of money to your family and loved ones after your death. But in case you become terminally ill and need money for medication, especially when you can't work, the rider which will be included in your term life policies will help you access a percentage of your death benefit.

Term Conversion Option

With the help of rider, you will  easily be able to convert your term policy to your permanent life insurance plan within some time. Every insurance company has a different set of rules related to how and when you can convert your plan but a term conversion option can help you convert without any new medical exam. Moreover, your return rate is finalized on the basis of your health rating while purchasing the term life policy.

Child Insurance Benefit Rider

In this option, a rider allows you to add your child’s life insurance. Generally, children between 15 days and 18 years can be added to the policy. The coverage on your child will expire between 21 and 25 years, depending on the type of life insurance Company you have selected. Although no parent would ever want to go through losing their child, the coverage is typically affordable.

Accidental Death Benefit Rider

In a traditional life insurance policy, the death benefit will cover you for any cause which also means that whether you die from natural causes, or a disease or accident, your beneficiaries are completely eligible to get the death benefits. An accidental death benefit rider will also allow you to maximize the death benefit on your policy if you die due to an accident or injury.

The Bottom Line

Apart from knowing about the different rider options, it is also important to know the cost of each one before customizing your plan. Although you may have to give some extra amount for any rider plan which suits your needs the best, make sure that your options help you meet your financial protection efficiently. There are many riders and endorsements which are automatically included with the policy and have no additional premium cost, but there are some others which require an additional premium to be paid every month. Consider your monthly budget and interests to select any plan and chose the best at the end so that you can acquire maximum advantage from your policy without burning a hole in your pockets and give maximum protection to your family.