3 Unpopular But Useful Life Insurance Riders

Life insurance is intended to provide your loved ones with a financial safety net in case you pass away. There are options to apply additional coverage to your life insurance policies that enable you to tailor it. Life insurance riders are additional coverages that provide additional benefits in some cases. Common life insurance riders are Accidental Death Benefit Rider, Waiver of Premium, Critical Illness Rider, Term Rider, and Accidental Total and Permanent Disability Rider. 

There are several types of riders, among them are some unpopular riders, which seem non-beneficial but can be very useful. Read below to know about the unpopular riders.

Also Read:- What is Accidental Death Insurance Rider?

Unpopular But Useful Life Insurance Riders

Below is the list of the most Uncommon Life Insurance Riders, You might have not even heard about a few:

1. Child Term Rider

Child term rider provides additional coverage for your child in one life insurance policy. Under this rider a small death benefit is payable to the nominee in case of an unfortunate demise of the child before a specified time. Child term rider is pocket friendly rider. Child term riders also offer the option to convert the existing insurance plan into a whole life insurance plan without any medical exams, when the child reaches maturity.

2. Guaranteed Insurability Rider

Only found on permanent life insurance plans, such as full life insurance and standard life insurance, this rider helps you to expand your insurance benefits without going through a full application process again. It is helpful if you intend your financial responsibilities to rise in the future,Since you can increase your payout without having to apply for a new life insurance medical or health checkup.

3. Surgical Care Rider

In cases where a life insured is hospitalized for a medical surgery or is undergoing a medical surgery in India, a lump sum is to be paid to the life assured’s family member to overcome the medical surgery expenses. For major medical surgery the rider benefit amount will be 5 times of the chosen rider sum assured amount. For minor medical surgery the rider benefit amount will be equal to chosen rider sum assured amount.

You May Also Like to Read:- The Difference Between A Critical Illness Rider And A HospiCash Rider

What are Riders in Life Insurance? What are their benefits ?

Take Away

Above mentioned riders are unpopular among the potential life insurance consumers, but they can be very useful. Anyway adding a rider is to avail additional coverage along the existing insurance coverage. Even if these riders seem useless they can be very beneficial and can provide additional coverage or benefits in a unique way.