Which Life Insurance Riders Should Consider and Avoid

​Riders are always important if you feel that your life insurance policy is inadequate. For riders, you have a lot of options when it comes to beef up the original features of your policy. However, be careful because not all life insurance riders are practical or beneficial. Here is a list of the best life insurance riders as well as the ones you have to avoid.

Waiver of Premium
Also known as waiver of cost of insurance, this particular rider is useful if the policyholder becomes disabled. This waiver can continue paying the life insurance policy so that the policyholder can continue enjoying the benefits of the insurance. In fact, in some cases, the waiver of premium pays for the policy even for ten years.

Accelerated Death Benefit
This particular rider will give the policyholder an option to get hold of the death benefit in case he gets a terminal illness. An example is receiving as much as 75 percent of the entire face value of the policy. Although some insurers give this freely at no added cost, it always pays to make sure of it.

Term Life Rider on a Whole Life Insurance Policy
A term life insurance rider would be useful for those who want more excellent life insurance coverage. This is good for people who believe that they will have more peace of mind knowing that they have something bigger for a critical illness. Always compare the monthly premiums with the total coverage, and decide whether you can still pay more.

Guaranteed Purchase Option Rider
This rider can help a policyholder purchase more life insurance later without the need for another medical examination. This is ideal for younger policyholders who have the belief that their income will grow and that they can buy greater coverage later on.

The Ones That You Must Avoid
Not all life insurance riders are beneficial enough or would make a good financial sense for a policyholder. For example, there’s the accidental death and dismemberment rider. This one provides a particular payout in case of a serious injury. Since you don’t know how you would pass away, then it’s wiser to buy more coverage. Also, think twice about getting long-term care insurance rider. This can help you pay for medical equipment and home health aides. However, if you can afford these, then you don’t have to borrow against your policy.

Some Final Words
It's good to have life insurance riders, but make sure they're what you need. If you're not getting enough with your life insurance policy, you should get the riders you need. Just make sure they're not the ones you won't regret purchasing later on.

At Leigh Insurance Agency, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (904) 826-0799. Get your free quote today by CLICKING HERE.