What Are The Benefits Of Term Rider?

If you want to maintain life insurance until you die but your needs will decrease over time, a permanent life insurance policy with a term life rider can be a cost-effective solution. A term rider is an add-on feature that increases the payout if you die during a specific period, usually while your children are still dependents or before your debt is paid off.

Benefits of Term RiderExplanation
Cheaper than standalone term policyPurchasing permanent life insurance early on, rather than getting a term policy now and a permanent policy later, can be cheaper in the long run. Life insurance rates increase as you age.
Flexible death benefitGuaranteed insurability rider can increase your death benefit over time.
Immediate coverage for beneficiariesIf cost is your primary concern, a term life policy can cover your beneficiaries’ immediate needs.
Not available for all policiesYou won’t be able to add a term rider to a policy you already own. Removing a term rider from your permanent life insurance policy before the rider’s term is over can save you on your premium, but check with your insurance company before purchasing.

Keep in mind that permanent life insurance types are significantly more expensive than term life insurance policies. Adding a term rider will further increase your premium. If you’re unsure about which policy is right for you, you can get a whole life insurance quote online in just minutes or speak with a licensed representative who can help you find the right policy.

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