In a previous post, we covered insurance riders, the add-ons that enhance and personalize your base insurance policy. Today we’ll talk about the most common riders in Life Insurance to help you understand the options at your disposal to customize your coverage.
Waiver of Premium Rider
This provision allows you to stop paying your Life Insurance premium without your policy lapsing if you become completely disabled. It’s important to check the terms because the conditions of what is considered complete disability may be very stringent.
Guaranteed Insurability Rider
This add-on, also called GI Rider, allows you to buy additional life insurance without the need for further underwriting. This feature is attractive because the underwriting process can be rigorous. This rider allows you to increase your coverage without any kind of proof regarding your insurability. Keep in mind that this type of rider may not apply after a certain age.
Disability Income Rider
This add-on allows you to collect a regular income should you become totally disabled and unable to work. The rider specifies the amount of money you would receive, typically a percentage of the face amount which is payable every month. An aspect you should remember is that some versions of this rider pay out only if you become disabled as a result of an accident, while others also include sickness coverage.
Return of Premium Rider
With this rider, you get all your money back should you live to the end of the term specified in your original policy. In order to do this, you normally pay a higher premium, so you must weigh carefully the pros and cons. Also note that some companies write this benefit into the base policy, while others offer it as a separate rider.
Accidental Death Benefit Rider
This option is often called double indemnity since it provides an additional benefit to your policy’s regular death benefit in case you should die in an accident. Sometimes this rider includes additional payment if you lose a limb, and in that case, it’s referred to as accidental death and dismemberment, or AD&D.
Resources to Learn More About Insurance
Do you want to learn more about insurance? Great! These are some posts you can check out to keep exploring this interesting topic.
- Use these four tips to save on Car Insurance
- Renters Insurance: Everything you need to know
- Avoid these common Boat Insurance myths.
- An essential collision insurance glossary.
- 10 Essential Home Insurance terms
Contact the Insurance Experts at Delgado’s Insurance
If you are looking for Life Insurance in Bloomington or Riverside, or anywhere in California, at Delgado’s Insurance we can help you find a policy customized to your individual unique needs.
We have locations in Riverside, California, and Bloomington, California. Contact us today by telephone (951-361-0084, 909-421-9003), email, or through our social media accounts to get a free quote and learn more about our Life Insurance options.