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The ins and outs of a life insurance policy



Did you know that you may be able to add features to your life insurance that allow you to customize your policy? Life insurance riders are add-ons to a policy that you can use to customize your life insurance to better fit your needs. While some life insurance riders can increase your premiums, others can be added at no extra cost. Riders can be a cost-effective way to get the life insurance coverage you need without having to buy an additional policy.

When is the best time to add or drop a rider to your life insurance policy?

The best time to add a rider is when you buy your life insurance policy. If you decide to add one at a later date, you will probably need to go through the underwriting again with a second medical exam. It is much better to add the riders you want at the beginning of the policy. On the other hand, you can remove a driver from your policy at any time by simply filling out a form.

What options are available to life policyholders?

There are many different types of life insurance riders. Availability may depend on the insurance company and type of life insurance. Common life insurance riders include the following:

  • Life Insurance Rider: Also known as an accelerated death benefit rider, this is often included in life insurance policies at no additional cost. This allows you to use your own death benefits tax-free during your lifetime if you have been diagnosed with a terminal illness.
  • Life Insurance Conversion Rider: This allows you to convert life insurance into permanent life insurance. If your health deteriorates after you purchase life insurance, a conversion rider can help keep the cost of permanent life insurance down.
  • Waiver of premium rider: If you become disabled, this rider allows you to stop paying your life insurance premiums. It is important to understand exactly how the life insurance company defines “disability.”
    ; You can only qualify to use this rider if you are totally and permanently disabled.
  • Long-term care rider: With this rider, you can use death benefit money from your policy to pay for long-term care if needed. This will reduce the amount of death benefits your beneficiaries receive. Long-term care riders can cost several hundred dollars per month.
  • Return of premium rider: If you outlive the term of your life insurance policy, you can get back the premiums you paid with this rider.
  • Guaranteed Policy Rider: This rider is only available for permanent life policies. It allows you to increase your death benefit amount without repeating the entire application process, including health questions and a medical examination. A guaranteed insurance rider may be a good idea if you expect your financial obligations and coverage needs to increase in the future.

Before purchasing a policy, our knowledgeable agent can discuss your rider options with you and help you customize your life insurance policy to fit your individual needs.


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