Helpful Life Insurance Riders That You Should Consider

A life insurance policy is definitely a good choice to help an individual ensure financial safety of themselves and their loved ones in case anything unpredictable takes place. Riders are one way that you can customize your life insurance policy according to your coverage requirements. Life insurance riders are additional coverage that can be added to the policy which helps an individual to customize their life insurance policy and enhance the base coverage of the policy. These riders come in exchange for additional premium providing additional coverage. Life insurance riders can be very helpful and help in providing financial aid in the times of crisis. 
There are various options for life insurance riders to choose from. Some life insurance riders are Critical Illness rider, Accidental Death Benefit rider, Waiver of premium, Surgical Care, Hospital Cash, Term rider, Accelerated Death Benefit, Income Benefit rider and Accidental Total and Permanent Disability rider. Every rider has a different purpose and provides different type of coverage. 

Some Helpful Life Insurance Riders

Below mentioned are some types to life insurance riders which can be very helpful in the times of crisis and you should consider to purchase with your life insurance policy:
Critical Illness Rider: A critical illness rider can be very useful in case the life assured is diagnosed with a life threatening disease. Diseases such as tumors, cancer, organ failure, heart ailments etc. can be very expensive to treat. A critical illness rider provides financial aid to the life assured by providing a lump sum when the life assured is diagnosed with a critical illness during the policy term. This rider can help an individual fulfill their medical expenses that may arise after being diagnosed with a critical illness. 

Waiver of Premium Rider: Waiver of premium rider ensures policy continuance in case something unforeseen takes place. In case the life assured suffers disability caused during an accident, disabling the life assured to earn and pay premiums on time, the waiver of premium rider waives off all the future payable premiums. This rider helps the life assured to avail the benefits under the life insurance policy keeping the policy inforce by waiving off future payable premiums in case life assured suffers disability caused in an accident. 

Accelerated Death Benefit Rider: Accelerated death benefit rider provides a part of the sum assured in case the life assured is diagnosed with a terminal illness during the policy term and the amount receivable could be utilised for treatment expenses of the diagnosed terminal illness. In case of an unforeseen demise of the life assured due the diagnosed terminal illness during the policy term, the remaining sum assured shall be provided to the family of the life assured. 

Income Benefit Rider: Under Income Benefit rider a pre-fixed number of monthly installments which are equal to the monthly income of the life assured will be provided to the family of the life assured in case of unfortunate demise of the life assured during the policy tenure. 
Hospital Cash Rider: Under this rider a pre-decided amount from the rider sum assured will be provided to the life assured in case he/she needs to be admitted to the hospital for the treatment which will depend on the day to day expenses of the hospitalisation. 

To Conclude

Above mentioned life insurance riders can be very useful in case an unforeseen event takes place or in case of a financial emergency.

Also read- Significance Of Riders In A Life Insurance Policy

Life Insurance Riders You Must Consider

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.