Here’s a quick look at life insurance riders:
- A rider is an optional coverage or feature you can add to your life insurance policy, often for an additional cost.
- Riders can help cover life events that your standard policy does not.
- Riders can provide benefits for critical illness and more during your lifetime.
- You select which riders you want — and in some cases the amount of coverage each provides.
Question I’ve come across the term “rider” when reading about life insurance. I’m not sure what a rider does, or whether I need one. What should I know about riders before deciding on a policy?
Francisco Flores, a Farmers Insurance® agent in Yuma, Arizona, explains how life insurance riders can help you protect your family financially.
Answer A rider is generally an optional coverage that you can add to a standard life insurance policy. It’s an added contract form that “rides along” and becomes a part of your policy contract. Riders allow you to customize your policy so that it works the way you want. It’s important to be aware of these options when deciding on coverage.
Here are some of the types of life insurance riders we offer:
- Waiver of premium: Covers your premium payments in case you become disabled and can’t work.
- Critical illness: Lets you claim part of your death benefit while you’re still alive if you become critically ill. This benefit is paid in cash, which you can spend as you choose.
- Chronic illness: Lets you claim part of your death benefit while you’re still alive if you have a qualifying long-term disability or illness.
- Terminal illness: Lets you claim part of your death benefit while you’re still alive if you are diagnosed with a qualifying terminal illness.
- Accidental death: Increases the death benefit in the event of accidental death.
- Children’s term insurance: Provides a death benefit for a child until adulthood.
This is only a high-level view of riders. Terms and conditions apply to each one, and the availability of riders depends on the type of life insurance policy you choose, so be sure to ask your agent for more details.
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