The basis of a life insurance policy is that it provides money to your loved ones in the event of your death. However, that is not all that a life insurance policy can do for you. With riders you add to your life insurance policy, your policy can provide you with additional benefits.
Rider #1: Accelerated Death Rider
The accelerated death rider is a popular one to add to your life insurance policy. With an accelerated death rider, if you are diagnosed with either a chronic illness or a terminal illness (depending upon how your policy is written), you will get some of your benefits before you die.
You will be able to access a portion of the overall life insurance policy, with the idea being that you can use the money to pay for medical care or to pay for your home, as you are fighting for your life. This allows you to take care of your family while you are fighting a terminal illness and still leaves some money for your family when you are gone.
Rider #2: Disability Rider
Another rider that you can add to your policy is a disability rider. With this type of rider, if you become unable to work, whether it is for a year or for five years, a disability rider could go into effect.
With a disability rider, the terms are really specific, with you only being able to receive money from the disability rider for a certain length of time. Many disability riders also restrict the age at which you can qualify for a disability rider. A disability rider can be a great backup to a regular disability policy. It can protect you if you are seriously injured and not able to work for an extended period of time.
Rider #3: Accidental Death Rider
The last rider is an accidental death rider. What this does is increase the payout of your policy to your family. If you are killed in an accident, as determined by the insurance company, your policy will be doubled for your family. This is a great rider to add on as it protects your family in the event that something unexpected happens to you.
If you have a life insurance policy, be sure to inquire and find out what additional riders you can be given to go with your policy that will benefit you and your family. Go to sites like https://www.dainsurance.com/ to learn more.