What Riders/Options/Features are Available on Life Insurance Policies?

Riders to life insurance policies are additional benefits that can be purchased and added to an insurance contract. They provide additional coverage. There are several options to select from for both term and whole life policies:

A hospital cash benefit rider will provide you with cash in the event of a sudden hospitalization.

A guaranteed insurability option allows you to purchase additional whole life insurance at different stages without medical tests.

The critical illness benefit rider will take care of your expenses in the unfortunate event of a critical disease.

An accidental disability/dismemberment benefit rider will protect you against disabilities as a result of accidents during your policy term.

An accidental death benefit rider will protect you against death as a result of an accident during your policy term.

The waiver of premium (WP) rider provides that if the insured becomes totally and permanently disabled, then premiums will be waived if certain conditions are met.

The juvenile payor death or disability (JPB) rider provides the waiver of premiums on a juvenile’s policy upon the applicant’s death if certain conditions are met.

The return of premium (RP) rider provides an additional death benefit equal to the total annual premium paid for the first 20 years, or if less than 20 years, up to the anniversary nearest age 65.

Carefully review which, if any, works best in your situation.