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 Rider | Explanation |
|---|---|
| Cheaper than standalone term policy | Purchasing 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 benefit | Guaranteed insurability rider can increase your death benefit over time. |
| Immediate coverage for beneficiaries | If cost is your primary concern, a term life policy can cover your beneficiaries’ immediate needs. |
| Not available for all policies | You 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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