A Ttrm rider is an additional feature that you can add to your permanent life insurance policy. It is a term life insurance policy that allows you to increase the death benefit if you die during the term. The term can range from one to thirty years.
|Scenario||Term Rider Benefit|
|Provide for spouse and children||Whole life insurance with a term rider that would increase the payout if you die while your children are still dependents.|
|Pay for mortgage or student loans||Term life rider that could help pay for a mortgage or student loans if you die before your debt is paid off.|
|Need flexibility to increase death benefit over time||Guaranteed insurability rider|
Adding a term rider to a whole life policy can be cheaper than buying a standalone term life policy now and a whole life policy down the road. However, note that permanent life insurance types are significantly more expensive than term life insurance policies, and adding a term rider will further increase your premium. If cost is your primary concern, you might instead consider a term life policy to cover your immediate needs.
Most companies and policies do not allow you to add a term rider to a policy you already own. However, most companies allow you to remove a term rider from your permanent life insurance policy before the rider’s term is over.
If you’re considering purchasing life insurance with a term rider, you can get a quote online in just minutes. You’ll be asked some questions, and you’ll choose your death benefit amount and other policy details. You can also speak with a licensed GetSure representative who can help you find the right policy for you.
Remember that coverages and other features vary between insurers, vary by state, and are not available in all states. Whether an accident or other loss is covered is subject to the terms and conditions of the actual insurance policy or policies involved in the claim.
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