I Have To Travel Daily, Do I Require Riders in Life Insurance Policy?

Life is very uncertain, you never know when you might meet an accident that will change you and your family’s life forever. We are still living in the midst of a pandemic and people are losing their lives like anything. Nobody would want their family to go through an emotional and financial turmoil due to them but accidents and misfortunes can’t be estimated. Hence, a life insurance plan is very necessary these days so that your family has financial stability and backup in times of dire emergency and they don’t have to struggle.

Do you commode daily in order to reach your workplace on normal days as well as the pandemic? If yes then you should definitely have a well planned and comprehensive life insurance policy so that if there ever occurs an accident while travelling or you might even face fatigue related health issues in the long term. While we wish the best of health for you, we also want to warn that life is uncertain, you should have a backup plan for adversities. 

I Have To Travel Daily, Do I Require Riders in Life Insurance Policy?

Having a life insurance policy is important and very vital these days as it guarantees financial stability throughout your life but is it enough? Precisely speaking, no policy is ever enough to cover all your needs and requirements. If you are a daily traveller, you should think of adding riders to your policy in order to maximise and enhance the coverage of your life insurance plan. Here are some of the life insurance riders you can add to your policy:

• Waiver of Premium Rider

The exemption of the Premium rider protects you from disabilities. If you are diagnosed to be fully disabled, the premium is waived and the rest of the policy is not covered. This shows you will waive the premium of any other permanent coverage for the rest of the life insurance policy. Furthermore, the WOP rider is also exempt from premiums on specific plans with particular life insurance companies, due to the additional life insurance riders, assured insurance drivers and renewable drivers.

• Guaranteed Insurability Rider

The insurability rider should be very reasonable on all life insurance policies. The policyholder may increase the benefits on certain birthdays, when he or she marries a child or when a child is born without proof of insurability (that is to say, the life insurance blood testing does not need to be carried out). This rider is significant, especially when considering child or young adult life insurance, as the insured can increase their overall coverage of life insurance and the mortality benefits at a certain point if they develop or become insurable during the policy period.

• Disability Income Rider

If you are disabled, the income rider is intended to offset you monthly. A rider can be applied for short and extended periods. Usually you're paid for a short period. Long-term is long-term and usually takes six months to wait until benefits begin. This rider often stops paying after two years, although there are additional choices. When you have a firm, it is a great choice for a buy-selling agreement or a crucial person. Once more, a stand-alone, long-term insurance cover may also be taken into account.

• Critical Illness Rider

Although a separate policy may be described as critical disease insurance, most life insurance items are available. The rider of catastrophic illness pays a lump sum, usually a fixed value, for certain important events. Cancer, heart disease, or coma can sometimes be included. The objective is to compensate the medical expenses for the unforeseen crucial events. You should drop your hospital costs and your doctors' bills. For all that you need, you'll spend the money.

Conclusion

Make sure to choose a policy which covers most of your needs and then add the riders for the requirements which you feel the policy is not fulfilling. Having a rider in your policy will not only safeguard your future but also help your family sail through tough circumstances, if any, in the future. 

Also read 

All About Riders in Retirement Insurance Plans

How Can a Rider Make Your Term Insurance Plan More Efficient?

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.