Understanding Life Insurance Riders and Add-Ons

Life insurance riders are optional add-ons attached to your life insurance policy to enhance its coverage and customize it according to your specific needs. These riders allow you to modify the terms of your policy to provide additional benefits or protections that go beyond the standard coverage.

Depending on the insurer’s rules and the policy type, you may be able to add the following:  

• Accelerated death benefit rider—This provides access to a portion of your death benefit while you’re still alive if you’re diagnosed with a terminal illness and have a limited time left to live.

• Critical illness rider—This offers a lump sum payment if you’re diagnosed with a severe illness such as cancer, heart attack, or stroke.

• Disability income rider—This pays a monthly benefit if you become disabled and are unable to work.

• Waiver of premium rider—This waives your life insurance premiums if you become disabled and are unable to work.

• Child rider—This provides a death benefit if a covered child passes away.

• Accidental death benefit rider—This pays an additional benefit if you die because of an accident.

• Return of premium rider—This refunds all or a portion of the premiums paid if you outlive the policy term.

If you’re considering adding riders to your policy or want to learn more about your options, consult a knowledgeable insurance professional to explore the best solutions for your situation. Your agent can help you understand your rider options and any associated premium costs.

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Contact Kevin McLoughlin Agency in San Antonio, Texas, to learn about your life insurance options and get a personalized quote.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further informatio