5 Life Insurance Riders That Are A Good Idea!

Buying life insurance is easy if you are guided by the best online life insurance broker. The policy becomes even more effective if you add one of these 5 life insurance riders that are a good idea for extending coverage:

senior-couple-with-financial-advisor1)      Accidental death rider.  This rider pays additional amount of money as death benefit if the person insured dies as a result of an accident. Typically that additional amount is equal to the face amount of the original policy. This means that the benefit will be double and this is why accidental death rider is also known as “double indemnity rider”.

Make sure to understand all the terms, conditions and exceptions. One exception is dying as a result of a dangerous sport/hobby that you practice.

2)      Disability Rider. Nobody wants to think that they will lose a limb or a sense. It is a terrible thought, but still, it pays off to be cautious.  In case that such thing happens, the individual will lose its capacity to work and most likely will lose its job. A disability rider will pay for some time a percentage of the lost salary.

3)      Waiver of premiums rider.  This rider may help you save the policy in critical times. Under this rider, some future premiums are waived off if the insurer becomes ill or disabled and cannot pay the premiums. The premiums will be paid once the insured is able to work again.  Waiver of premiums rider is very useful if the premiums are high.

4)      Accelerated death benefit rider.  A person that has been declared terminally ill can use its death benefit in advance under this rider. The insurer may advance 25-40% of the value of the death benefit to the insured. Usually this money is used for medical care.

5)      Child term rider. This rider provides a death benefit in case that a child dies before a certain age.  If the child outlives the policy, the policy can be converted to a permanent one.

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