A life insurance rider is an optional add-on to a base life insurance policy that provides additional benefits or modifies the policy's terms. Riders allow you to customize coverage to better fit your specific needs. Some riders are included at no additional cost, while others require an additional premium. Common riders include accelerated death benefit, waiver of premium, accidental death, child term, and convertibility riders.
The accelerated death benefit rider allows the policyholder to receive a portion of the death benefit while still living if diagnosed with a terminal illness, typically with a life expectancy of 12 to 24 months. This rider is included at no additional charge with many modern policies. The waiver of premium rider waives premium payments if the insured becomes totally disabled and unable to work, keeping the policy in force during a difficult time.
Other common riders include accidental death benefit (pays additional death benefit for accidental death), child term rider (provides small term coverage for children), guaranteed insurability rider (allows purchasing additional coverage at specified ages without new underwriting), and long-term care rider (allows the death benefit to be used for qualified long-term care expenses). Return of premium riders on term life policies refund premiums paid if the insured outlives the term, though they significantly increase the premium cost.
Not all riders are available on all policy types or from all carriers, and rider availability may vary by state. The cost and value of each rider should be evaluated carefully relative to your specific needs. A licensed agent in our network can explain which riders are available and whether they make sense for your situation. All riders are subject to the same underwriting approval and carrier terms as the base policy.