Top 5 Most Useful Life Insurance Riders

Riders are additional benefits that can be purchased and added to a basic life insurance policy. No matter if you purchase regular or no medical exam life insurance, these are the top 5 most useful life insurance riders:

life insurance 1 million1)     Accidental Death and Dismemberment Rider. This rider is essential if you are working in hazardous environments and it is usually included in any life or health insurance plan offered by your employer. If you were not offered this rider, you should immediately buy it. Unlike many events in life, we cannot foresee accidents.  If an accident has tragic consequences, the insurer will pay increased benefits to your relatives. Read carefully all the terms of the policy, there are several exceptions: if you have dangerous hobbies, they will not be included on the insurance list.

2)     Sick Benefits. This component should be included in any policy. If you get sick while under coverage, the insurer will pay a lump sum of money for all medical expenses.  The bill for medical expenditures can be pretty high and this benefit will only alleviate the costs.

3)     Final expense insurance. Again, this is a vital component and any insurance must have it.  The price for a funeral is extremely expensive and without a little financial help, the family will be unable to pay for the ceremony. If you want an honorable funeral ceremony and a proper burial site and maybe a monument or a tombstone, you should purchase this insurance. The premiums are not that high and the benefits outweigh all the costs.

4)     Family Income Benefit Rider. This rider provides a steady flow of money to the family members after the insured is dead.  If you want to buy this component, you will need first to determine the number of years your beneficiaries will receive the income. The advantage of having this rider is obvious: will act as an income replacement and will help the family face all the financial possibilities that may occur.

5)     Waiver of Premium Rider.  With the help of this rider all the future premiums are waived until the insured is able to pay them again.  This is extremely helpful if the insured becomes permanently disabled or loses his or her income due to an injury or disease.

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