Exploring Different Riders and Add-ons in Life Insurance Policies

Life insurance is essential to any sound financial plan, especially if you have loved ones in Meridian, ID who depend on your income. Idaho Select Insurance explores some of the life insurance policies’ most common riders and add-ons. 

1. Accelerated Death Benefit Rider

The Accelerated Death Benefit Rider is an additional feature that enables you to obtain a part of your death benefit before you die if you have less than 12 months to live due to a terminal illness. This rider can assist you in covering medical costs or other expenses you might incur in your last days.

2. Waiver of Premium Rider

The Waiver of Premium Rider is an additional option to add to your life insurance policy. If you become disabled and cannot work, this rider will waive your premium payments. This means that you don’t have to worry about losing your life insurance coverage if you can’t pay your premiums due to a disability.

3. Child Rider

A Child Rider is an add-on that provides coverage to your children in the event of their death. This rider typically covers the policyholder’s biological, adopted, or stepchildren at a lower cost than a standalone policy.

4. Accidental Death Benefit Rider

The Accidental Death Benefit Rider provides additional payment if your death is caused by an accident. 

5. Long-Term Care Rider

The Long-Term Care Rider is an add-on that provides financial coverage in case of chronic illnesses such as Alzheimer’s, Parkinson’s, and other similar conditions. This rider can give you financial assistance for nursing home care or home health care.

Riders and add-ons can be added anytime during the policy term, providing great flexibility to policyholders in Meridian, ID. Contact Idaho Select Insurance today to learn more.