4 Life Insurance Riders to Consider

Deciding how to protect your loved ones, in the event that something happens to you, is one of the most important decisions you will make. It can also be one of the most complicated. Since none of us can predict the future, many of your life insurance decisions will be based on unknown factors.

What you do know is that you want to provide security for your family, and we can help you perform the calculations necessary to attach a numerical value to that protection. But beyond that decision, you have the opportunity to add additional forms of protection to your policy, based on the potential needs that you anticipate in the future. They’re called riders, and these are just a few of the more common ones…

Accelerated death benefit. Many end-of-life expenses can happen before the actual end of one’s life. The accelerated death benefit allows your beneficiaries to draw part of your insurance payout at this time, rather than having to wait until your death certificate has been filed. Do keep in mind that this rider is not a substitute for long term care insurance or proper health insurance. It will, however, ease some of the financial pressures during an already difficult time.

Life insurance for children. Some life insurance policies allow you to include a limited amount of coverage – say, 10,000 dollars – for your children. No one likes to think about this topic, but everyone should have a policy that at least covers burial expenses or time off from work due to grieving.

Conversion option. If you opt for a term life insurance policy, adding a conversion option will allow you to convert to a permanent policy before the expiration date.

Disability waiver or premium. If you ever become disabled and unable to work, this life insurance rider will cover the premiums so that your policy does not lapse. It would be a shame to lose your policy after years of making timely payments.

These are just a few of the riders you can add onto a life insurance policy. As you can see, your contract is fairly customizable, depending upon your needs, making life insurance a better fit for you. Give us a call to discuss your concerns, and we can match you with protection that offers the coverage you desire.