One of the advantages of life insurance is its customizability with life insurance riders. Riders are attachments to your policy that can allow you or your loved ones to receive added benefits under certain circumstances. Life insurance riders have low premiums due to the low likelihood of policyholders actually using them, and the fact that they require little to no additional underwriting.

Return Of Premium

This is a rider featured in term life insurance policies. Without a return of premium rider, you and your loved ones receive nothing if you outlive your policy. However, if you attach a return of premium rider to your policy, you get your premium payments in full after your term ends.

Accidental Death

Your loved ones can receive an even greater death benefit depending on your cause of death. Accidental death riders can double your death benefit (which is why it’s also referred to as a double indemnity rider) if you die prematurely as a result of an accident.

Long Term Care

Losing your ability to live independently can lead to financial woes. If you’re in need of long term care, such as what you would receive in a nursing home, a long term care rider on your insurance policy can help mitigate those expenses. Every month, you will receive funds to help you cover your stay at a nursing home.

Accelerated Death Benefit

A terminal illness diagnosis can also mean skyrocketing medical expenses. If you have a terminal illness that significantly decreases your life expectancy, an accelerated death benefit rider will give you access to a certain percentage of your policy’s overall death benefit. Insurers offer this at a minimal or zero cost.

Guaranteed Insurability

If you’re looking to increase your life insurance coverage at a later date, you may be subjected to medical exams, which will then either determine how much extra you’ll have to pay or whether you’ll get the added benefits at all. Guaranteed insurability is a low-cost option to ensure that you’ll be able to add coverage without the hassle of medical examination. This is ideal if you experience a life-changing event, such as marriage or birth of a child.

Family Income Benefit

When your family depends on you for income, a family income benefit rider can provide a steady stream of income after your passing. This will provide regular income for a specified period of time once you pass away.

Waiver Of Premium

A waiver of premium rider will let you keep your policy without having to pay premiums in the event of a debilitating injury. The premiums are not permanently ceased; you will have to pay premiums once you’re determined to be healthy enough to work.

Get Extra Benefits At A Minimal Cost

At Better Insurance Management, we give you the tools to make your life insurance policy exactly as you need it to be. We’ll help you get the added benefits you need so that you’ll be prepared no matter what. Don’t wait. Call us today at (732) 458-5000.