What Are Riders in Life Insurance Policies?

What Are Riders in Life Insurance and Do You Need Them?

What Are Riders in Life Insurance and Do You Need Them?

Life insurance is already a powerful financial tool, but riders can take it a step further. Riders in life insurance are optional add-ons that customize your policy to better fit your personal and financial needs. They can enhance your coverage, add flexibility, or offer financial support in specific situations—all for an additional cost.

There are several common types of life insurance riders, including:

• Accelerated Death Benefit Rider – Gives you access to part of your death benefit if diagnosed with a terminal illness

• Waiver of Premium Rider – Waives your premium payments if you become disabled and can't work

• Child Term Rider – Provides coverage for your children under one policy

• Guaranteed Insurability Rider – Lets you increase your coverage later without a medical exam

• Accidental Death Benefit Rider – Pays an extra benefit if you die in an accident

So, do you need riders in your life insurance policy? That depends on your situation. If you want more comprehensive protection or flexibility, riders might be worth considering. For example, if your family has a history of critical illness or you're concerned about losing your income due to disability, the right rider can offer serious peace of mind.

Keep in mind that adding riders will typically increase your premium, so it’s important to weigh the cost against the potential benefit. Some policies include certain riders automatically, while others offer them à la carte.

If you're unsure which life insurance riders make sense for you, ProvaLife can help guide you through your options. With the right customizations, your life insurance policy can do even more than you think.

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