Types of Riders

A rider is an optional benefit offered by the insurance company, which adds to the base policy. When a rider is added, it becomes a part of the policy. Some riders have an additional cost associated with their purchase.

Accelerated Benefit Rider Allows the policyowner to receive a portion or all of the death benefit of the policy in anticipation of the imminent death of the insured or upon the occurrence of specified life-threatening or catastrophic conditions specified in the rider.

Accidental Death Benefit If the insured dies as the result of an accident, the death benefit is increased in relation to the policy's face amount. Double indemnity is one example of an accidental death benefit. The benefit paid as a result of a fatal accident is equal to the face amount of the policy, thereby doubling the benefit.

Children's Insurance Rider Provides term insurance coverage on the insured's children.

Income Rider Pays an ongoing monthly benefit for a specified period of time.

Other Insured Rider Provides term insurance on an additional person in whom the primary insured has an insurable interest.

Spouse Insurance Rider Provides term insurance on the insured's spouse. In states where allowed, spouse coverage includes registered domestic partners/civil union partners.

Term Insurance Rider Provides term insurance for a specific number of years. A Decreasing Term Rider provides a benefit amount that decreases each year during the term of the rider. A Level Term Rider provides a benefit amount that stays the same during the term of the rider.

Waiver of Premium: Pays the premium on the life insurance policy under certain circumstances, such as the disability or confinement of insured, thereby avoiding cancellation of the policy due to nonpayment of premiums.