Common Life Insurance Riders
Accidental Death Rider:This rider will pay out a death benefit higher than what the contract states if the insured dies from an accidental death usually before the age of 65 or so. This rider is also known as the double indemnity clause. Make sure that you understand the restrictions pertaining to this rider before you obtain life insurance quotes from insurance companies.
Family Income Benefit Rider: Life insurance companies will pay the death benefit under this rider if the insured dies, and in addition, will pay the family's monthly income for the duration of the insurance policy coverage period.
Guaranteed Insurability Rider: If you have this rider in your life insurance policy, then you can make additional insurance coverage purchases in the future without providing evidence of insurability.
Waiver of premium rider: Under this rider, premiums can be waived if the insured becomes disabled before a certain age. The policy continues as if the premiums were being made. Contact your life insurance company to determine what the costs are, what the restrictions are, and how the insurance company defines "disabled."
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