The Oxford English Dictionary defines a rider as "A condition or proviso added to something already agreed". When added to your life insurance policy, riders can be an effective and powerful addition that help cover you against additional life situations which might occur, and are not covered under your regular insurance policy. By adding riders, you get additional coverage against myriad situations which would hamper the ability to work, such as a critical illness or disability.
Here is a list of riders that can be selected with your term life insurance policy, based on your needs.
Riders available with Term Insurance Policies
Waiver of Premium Benefit Rider
With this additional rider, all future premiums payable under your life insurance policy are waived if the policyholder can no longer pay premiums due to contingent events covered like death, critical illness or permanent total disability arising out of an accident. This ensures that the life goals of your loved ones can continue to be met even if you are not in a situation to earn money.
Family Income Benefit Rider
Under this rider, your family receives 1% of the rider sum assured every month if the life assured passes away or meets with accidental permanent total disability or is first diagnosed with any of the specified 11 critical illnesses. This means a regular monthly income for your family so that they can continue to have a worry-free life and keep their life goals on track.
Accidental Death Benefit Rider
If the policyholder loses his/her life in an accident, an additional sum which is assured under the rider is paid out over and above the base policy sum assured. This means that your loved ones will be free to pursue their life goals without the lack of finances holding them back.
Critical Illness Benefit Rider
This rider pays out a lump sum amount if any of the listed critical illnesses under the rider are detected. With this rider, you can get the health care you need without worrying about the expenses, while also ensuring your loved ones continue to have their life goals met.
Accidental Permanent Total/Partial Disability Benefit Rider
Adding this rider to the base policy protects you in case you suffer total or partial disability due to an accident. In such a case you will get financial aid immediately which helps you take care of your and your family's expenses.
Adding riders to the base term insurance policy protects you and your family from financial stress in against a range of uncertain events. A wide range of scenarios get covered under each rider and each of them serves a particular purpose. By choosing the riders which are most relevant to your needs, you can be sure of a secure future for you and your loved ones. The additional sum which the rider assures is in addition to the sum assured of the base policy, and the combined payout can ensure that your loved ones will be able to meet their life goals in a timely manner.