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What additional riders can I request be added to a standard life insurance policy?

Several different riders can be added to a life insurance policy to ensure that the policy better meets your needs. These options can be added in any combination. Several of the most common options are listed below:

  • Accidental Death Benefit: provides additional insurance coverage but, unlike the base amount, is only paid if death is accidental;
  • Waiver of Premiums: the insurer is required to waive the premiums in the event that the insured become disabled;
  • Term Insurance Rider: covers the cost of shorter term financial needs, such as a mortgage, and is less expensive than regular term insurance;
  • Child Term Rider: insures the policy holder’s children, regardless of the number;
  • Guaranteed Insurability: allows the insured to obtain additional insurance at predetermined times (i.e. every five years) without any evidence of good health; and,
  • Cost of Living: permits the policy holder to purchase one-year term insurance equal to the change in the consumer price index with no evidence of insurability.

Please consult with your insurance agent for more specific details about these options and others that your life insurance company may offer you.