Enhancing Your Whole Life Insurance with Riders

By Tes Kurtz on January 9th, 2010

While shopping for life insurance you may have come across the term rider. You may have asked, "What is a rider?" Essentially, a rider is an addition to your life insurance policy that alters your policy's coverage or terms. Riders added to your life insurance coverage usually increase your premium.

There are many different types of riders. Based on your needs, some riders could be beneficial to you and your family. Following are a few of the most common life insurance policy riders available:

  • Waiver of Premium. Ever wonder how you would be able to continue paying your life insurance premiums if an accident left you disabled, and you were unable to work? This rider provides the peace of mind you need for just such a scenario. Depending on the terms of the rider, your benefit begins with either permanent or temporary disability, or both
  • Accidental Death and Dismemberment. Sometimes called "double indemnity" this rider may provide your beneficiaries double the amount of death benefit if your death is the result of an accident. It provides the basic death benefit of the policy, plus an additional amount based on the terms of this rider. The accidental death and dismemberment rider is also payable if you (as the insured) lose two limbs, or the sight of both eyes due to an accident
  • Family Income Benefit. Also known as "dependent life insurance" and "spouse and children's insurance rider." This life insurance rider provides your family with a continuous, reliable source of monthly income after your death--that's in addition to the death benefit on your policy. When you add this rider to your life insurance policy, you can specify the number of years you would like to provide continuous monthly income
  • Accelerated Death Benefit. Aside from the emotional and physical strain of a terminal illness, there is the financial stress and worry of health care costs and medical bills. The accelerated death benefit rider provides the option to collect all or some of your death benefit to pay medical expenses should you be diagnosed with one of the terminal illnesses covered under the plan

Deciding what rider or riders might be a good fit for your family's needs is a unique decision. Each rider has extra costs, which vary. It's important to evaluate your needs and your budget carefully. The peace of mind that the right rider provides can certainly be worth the added cost to your premium.

To compare life insurance quotes from multiple insurance companies, and to choose the best policy and best riders for you and your family, just enter your zip code to get started.

Source :
Whole Life Riders - Which Rider Best Meets Your Needs? • New York Life • • Fact Sheet http://www.newyorklife.com/newyorklife.com/General/FileLink/Static%20Files/Whole%20Life%20Insurance%20Riders.pdf
http://www.iii.org/ http://www.iii.org/
Denise M • Life Insurance Riders Can Enhance Your Existing Coverage • Dec 18, 2009 • ezinearticles.com • http://ezinearticles.com/?Life-Insurance-Riders-Can-Enhance-Your-Existing-Coverage&id=3445788

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