Are Life Insurance Riders Worth It?

For every family, life insurance is crucial. Life insurance is very effective in the long term as it provides great coverage to you and your family in times of needs. Permanent life insurance is lifetime, but it is more costly and might still not cover all your needs.  With add-ons called riders both kinds of life insurance can be personalised according to your needs and are flexible according to how you want to use them.

Life insurance riders offer extra advantages in addition to the benefits of your independent policy. Some life insurers are subject to an additional fee; some of them are not included but all of them are worth the investment, they provide greater benefits at low costs in comparison to stand alone policies. Riders are not a necessary purchase, they depend on your needs as some life insurance riders are worth the extra expense, depending on your condition but if you are in the condition to spend, you definitely should. 

Top Life Insurance Riders For Your Policy

Here are some of the more frequent life insurance riders and whether that should be added to your life insurance policy to increase the overall worth of your policy:

• Premium Waiver Benefit Rider

As the name suggests, the Premium Waiver Rider aids you with waiving off your future premium amounts in case you face an accident or mishap which leaves you severely injured, critically ill, disabled or leads to such a state wherein it is not possible for you to pay the left future premiums. In cases like these, the premium waiver benefit rider provides you with the option of carrying forward with your policy without paying the future premiums.

• Return Of Premium Rider

A Return Of Premium Rider returns the premium amount you have paid to the company, till date. In case you face a situation in your life which creates such unforeseen circumstances that instead of paying money, you yourself come in need of a huge sum of money at once. In this case you can use the return of the premium rider and get back the premium you have paid until that day.

• Accidental Death Rider

An Accidental Death Rider provides accidental death benefits and can be added both to the whole life term policy or term plan, it focuses on increasing the death benefits you will receive in case you meet an accident which turns out to be fatal and causes death. Here,not just the death benefits but double or triple the promised amount is paid to your nominee. 

• Family Income Benefit Rider

A Family Income Benefit Rider  provides the equal amount of monthly payouts to your policy’s first nominee in case of your sudden demise due to an accident etc.

• Child Term Rider

The Child Term Rider is taken for the child of the insured person. It is also a supplementary add-on provision to your policy that provides you with death benefit cover in case the child faces sudden demise before the stipulated maturity age.

• Accelerated Death Benefit Rider

The Accelerated Death Benefit Rider or the ADB is a terminal sickness benefit that is included in your policy without any extra costs and provides you with extra cover if you are expecting a short life due to critical illness or disease such as last stage cancer or a chronic disease.

Conclusion

There are numerous riders available for varied scenarios in your life. The best thing about riders is the perks they provide and the increased protection cover they extend. All this, undoubtedly makes insurance riders worth the investment and a must addition to your policy. 

Also read 

All About Riders In A Child Insurance Plan

Benefits Of Riders In Endowment Insurance

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.