Making life insurance work for you is a process; you first have to find the type of policy that will best meet needs the best, and then you need to consider any gaps in that coverage. A traditional life insurance policy may not fill all your particular requirements and leave you vulnerable to loss. A life insurance rider may be just what you need to give you peace of mind that all your gaps are fully covered.
To find the additional life insurance coverage you want with the perfect rider to cover you, speak with an independent agent in the Trusted Choice® network. Find an agent today to get quotes on the most affordable life insurance riders and find the perfect coverage for all of your life insurance needs.
Due to our aging population, it is estimated that by the year 2050, an estimated 27 million people will need some type of long term care.
Life insurance riders are simply forms of additional or supplemental life insurance coverage with a variety of functions. You can purchase the rider as an add-on to your main policy. These riders provide you with extra coverage for specific situations.
One of the benefits of a life insurance rider is that you can add coverage for special challenges and sudden, expensive health events, like nursing care.
Determining whether you need a life insurance rider will depend on your financial situation, your age, the state of your health, the needs of your dependents, and your desire to have coverage for a specific situation. Your need for a life insurance rider may also depend on how much life insurance protection exists in the policy you have, and what gaps in coverage remain.
There are a variety of riders that provide additional coverage for different sorts of situations. The most commonly purchased riders include, but are not limited to, the following:
Life insurance riders can be used in a variety of ways to pay off your existing debts. If you are diagnosed with a terminal illness, for example, an accelerated death benefit rider allows you to collect some or all of your death benefits right away. You can then use those benefits to cover some or all your current existing debts.
A family income rider will allow your beneficiaries to manage debt payments on a monthly budget.
A disability income rider will provide a source of income should you become disabled, and it will allow you to continue to pay off your existing personal loans and credit cards.
An accidental death benefit rider can double the amount of your death benefits should you die accidentally. This extra income amount can also be used to pay off your mortgage and other existing debts.
College and university tuition is expensive, and it can take many years to pay off a student loan. Several of the life insurance riders described above can provide you or your beneficiaries with extra coverage so that the student loan can still be paid if you die unexpectedly, or if you become critically ill or disabled and can no longer earn an income.
There are specific policies or riders designed to cover the cost of a funeral or pay for burial expenses. These riders or policies can be bought separately from your primary life insurance policy. They come in a variety of formats, such as preneed funeral insurance, final expense insurance and burial insurance. These policies will pre-pay directly to the funeral home or pay a lump-sum specified in the policy to your beneficiary.
Everyone has unique concerns and needs when it comes to life insurance. A primary policy such as a term or permanent policy may not meet all your needs. You can customize and strengthen your life insurance protection by purchasing riders to create the ideal insurance package that addresses all of your primary concerns.
Life insurance riders vary considerably from insurer to insurer. To find the most suitable rider for your insurance requirements, contact an independent agent in the Trusted Choice network. Your agent can help you compare policy rider options that can be tailor-made for your unique situation.
Contact an agent today to find the perfect life insurance riders that will protect you from the unexpected.