What Does The Term Rider Mean In Insurance?
If you’re looking into life insurance, you may have come across the term “rider” and wondered what it means. A rider is an optional coverage that you can add to a standard life insurance policy. It’s an added contract form that “rides along” and becomes a part of your policy contract. Riders allow you to customize your policy so that it works the way you want. It’s important to be aware of these options when deciding on coverage.
|Type of Rider||Description|
|Accelerated Death Benefit Rider||Allows you to receive a portion of the death benefit if you are diagnosed with a terminal illness.|
|Accidental Death Benefit Rider||Provides additional coverage if you die in an accident.|
|Child Rider||Provides coverage for your child.|
|Disability Income Rider||Provides income if you become disabled and unable to work.|
|Guaranteed Insurability Rider||Allows you to purchase additional coverage at a later date without having to undergo a medical exam.|
|Long-Term Care Rider||Provides coverage for long-term care needs.|
|Term Conversion Rider||Allows you to convert your term life insurance policy to a permanent life insurance policy without having to undergo a medical exam.|
Note that terms and conditions apply to each rider and the availability of riders depends on the type of life insurance policy you choose, so be sure to ask your agent for more details. Adding riders to your policy can provide additional coverage and protection for you and your family, but it’s important to consider your needs and budget before deciding which riders to add to your policy.