Life Insurance riders bring more value to basic coverage. Riders offer supplemental coverage to your life insurance policy and accommodate many unexpected events that aren’t covered within coverage alone. Here are a few riders you can add to tailor your clients’ plans:
Waiver of Premium Rider: Waives policy premium if your client becomes totally and permanently disabled before a certain age.
Return of Premium: Pays back up to 100% of premiums paid if the insured outlives a certain period of the policy.
Critical Illness Benefit Rider: Pays a lump-sum cash benefit upon the first-ever diagnosis of a covered critical illness.
Long-Term Care/Chronic Illness Rider: In the event the insured has to stay at a nursing home or receive home care, this rider offers monthly payments. This can be a cash indemnity or reimbursement rider that draws off of the death benefit.
Accidental Death Benefit Rider: Pays out an additional amount of death benefit if the insured dies as the result of an accident. This may be a specified amount or a double indemnity rider.
Children’s Term Rider: Insures all of the client’s children under a certain age when the policy is issued and any subsequent children born or adopted while the rider is in force. The coverage expires on each child when they attain age 25, at which time the coverage may be converted to a permanent plan of insurance currently offered by the company for conversion without evidence of insurability.
Stand out in the crowd by using riders to help clients get the most value out of their policies and customize plans to suit them best. Contact us today to learn more.