Article 3 of 5 in Understanding Your Life Insurance Policy
Once you have decided that you are going to buy the best life insurance plan possible to insure your family's financial future, getting the best coverage is paramount. Adding a life insurance rider to your basic policy can help accomplish this goal. A life insurance rider is supplemental coverage which can be added to your policy to give you more coverage or extend the policy benefits. Depending on your individual goals or needs, riders can add extra protection that can be extremely useful. There may be some restriction on certain riders like your age or health, but the majority of life insurance riders can be purchased for a little extra premium payment. They vary from insurance company to insurance company and also vary in price.
TIP: A rider to your life insurance policy can be extremely important! It is important to ask an agent what riders would be best for your needs.
Perhaps you would like your family to get an extra payment if you should die suddenly in an accident---there is a rider for that! Or maybe you think it would be helpful to be able to access your life insurance death benefit BEFORE you die in the event you were to become terminally ill--there is a rider for that too! Discuss some of your greatest concern with a reputable agent and ask if there is a rider that will eliminate any coverage gaps you may have. The extra premium may be worth the peace of mind!
Common Life Insurance Riders
Below are some of the more common riders that you can add to your policy. Make sure you discuss these and any others with your life insurance agent. Compare the cost of adding one of these riders to your overall need to have the coverage. A good agent should be able to help you with this choice should you have any specific questions:
Which life insurance rider you choose really depends on your individual family health history or your individual family goals. Perhaps you have a strong family history of cancer. It might be best to consider the accelerated death benefit rider or even the waiver or premium rider. Both would help in the event you were to contract the disease. If your main financial goal was to make sure you leave your family mortgage free, perhaps adding the mortgage protection rider might give you the extra added coverage needed. Ask a Life Insurance Agent which rider would be best for your needs and your budget. When you have identified what riders you need in your life insurance policy, shop and compare quotes with the riders included before you purchase a policy.
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