Life Insurance Riders
To help you understand life insurance, we have provided a brief, general
description of some commonly available types of life insurance riders.
Availablity of riders may vary from policy to policy. Always consult
your agent for the exact terms of your coverage.
Many companies offer an Accelerated Death Benefit Rider for life insurance
policies. This rider may allow insureds who are diagnosed as terminally
ill, or who require long-term care, or permanent confinement in a
nursing home, to collect all or part of the death benefit from the
policy on their life while they are still alive. The rider specifies
exactly how much of the death benefit may be available.
Accidental Death Benefit
An Accidental Death Benefit Rider may be added to a life insurance
policy to provide for an additional amount to be paid to the beneficiary
should the insured die as the result of an accident. This amount is
usually the same as the death benefit of the policy and is, therefore,
often referred to as double indemnity. The Accidental Death Benefit
can be paid only when the insured dies as the result of an accident.
and Dismemberment Rider
An Accidental Death Benefit Rider to a life insurance policy may also
include an additional benefit for Dismemberment. In that case, it's
called an Accidental Death and Dismemberment (AD&D) Rider. The
AD&D Rider usually provides that the accidental death benefit
will also be paid if the insured loses sight in both eyes or suffers
the loss of any two limbs.
Disability Income Rider
The policy owner can secure a regular monthly income from the insurance
company should he or she become totally and permanently disabled with
a Disability Income Rider. Usually covering policy owners who are
also the insured, the Disability Income Rider guarantees a specified
level of income for either as long as the disability lasts or a time
frame specified in the rider.
The Guaranteed Insurability Rider allows the policy owner to purchase
additional coverage at certain stated intervals (either age or policy
year options) without requiring further evidence of insurability.
This coverage could be very significant when an insured has become
uninsurable sometime after the initial policy was issued and would
be otherwise unable to obtain additional coverage.
Level Term Rider
A Level Term Rider provides a fixed amount of term insurance that
is added to a permanent life policy for a specified period of time.
Generally, a level term rider is written for an amount that may be
up to three or even five times the death benefit of the permanent
policy to which it is attached.
Waiver Of Premium Rider
One of the most common riders attached to a life insurance policy
provides for Waiver of Premium. Prompt premium payment is the major
responsibility of the policy owner. Since premium payment is generally
necessary to keep the policy in force, it follows logically that even
if the policy owner becomes disabled, the premiums must still be paid
or the policy will lapse.
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