Close your eyes and imagine yourself on a horse, galloping towards the sunset with the wind in your hair. The thrill of the ride is unmatched, but as a responsible rider, you know that preparation is key. Like you wouldn’t hit the open plains without a saddle, you shouldn’t go through life without a term insurance plan. And just like you wouldn’t go without your trusty hat, you shouldn’t go without the essential riders that can take your coverage to the next level.
Most people think of term insurance as a simple death benefit, but it can be so much more than that. You can protect yourself and your family from many potential risks with the right riders. Imagine having coverage for critical illnesses or accidents that leave you disabled. Imagine paying for the care you need without worrying about draining your savings.
But with so many riders, it can be hard to know where to start. That’s why we’re here to guide you through the process and introduce you to the riders that will provide you with the greatest protection. So, whether you’re a seasoned equestrian or a novice, join us to discover the top riders you simply can’t afford to overlook. Get ready to saddle up and take control of your term insurance like a true rider.
There are more than 10+ add on/ riders available on Term Insurance plans. But,
Here are the two riders you should consider:
1) Waiver of Premiums.
Imagine a scenario where an unforeseen event leads to a severe injury or physical impairment, ultimately causing the policyholder to lose their means of earning. The family is left in a lurch as their primary source of income disappears. However, some insurance providers offer a waiver option that allows the policyholder to keep the policy active without worrying about the premium payments in case of disability. The best part is that this option is available for a small additional fee, making it a smart and cost-effective solution for those who want to ensure their insurance policy remains active, even when they face unexpected challenges.
2) Critical Illness Rider.
As each day passes, the number of people diagnosed with critical illnesses such as cancer or chronic lung disease continues to rise. If the policyholder finds themselves in such a situation, there is a real possibility that they may be unable to continue working, leaving their family to manage without their regular income.
However, the critical illness rider is here to provide much-needed assistance. By opting for this rider, the policyholder can rest assured that their insurance provider will cover the costs of such a crisis. It’s important to note that some policies may pay out a portion of the sum insured to cover these costs, resulting in a corresponding reduction in the term cover. Nonetheless, the critical illness rider remains invaluable in protecting the policyholder and their loved ones from the financial implications of a serious illness.
Conclusion
As a term insurance policyholder, you can customize your coverage to meet your unique needs. While the Waiver of Premium and Critical Illness riders are two of the most commonly utilized riders, there are several other riders available as well.
These include, but are not limited to, accidental death benefit, Terminal Illness rider, Life Stage Benefit, and Return of premium.
By adding these riders to your term insurance policy, you can create a more comprehensive coverage plan that provides protection against a wide range of unforeseen circumstances. Remember that the specific riders available will depend on your insurance provider and policy type, so be sure to explore all your options before making a final decision.
And hey, we understand this process of incorporating riders into your term insurance plan can be overwhelming, don’t worry! If you need help understanding and attaching these riders to your term plan, you know who to call, right?
Talk to Ditto for free and have some of our best advisors at your fingertips.
FAQ
Can I add or remove riders from my term insurance policy at any time?
Yes, most insurance providers allow policyholders to add or remove riders from their term insurance policies anytime during the policy term. However, the process and associated costs may vary from one insurer to another.
Are riders available for all types of term insurance policies?
Not all insurance providers offer riders for all types of term insurance policies. The availability of riders may depend on the insurer and the specific policy type. You must check with your insurance provider regarding the riders available for your policy type.
Will adding riders to my term insurance policy affect my premium?
Yes, adding riders to your term insurance policy will increase your premium amount. The exact increase will depend on the type and number of riders you add to your policy. However, the added coverage and benefits the riders provide can offer peace of mind and protection against unforeseen events. It is essential to weigh the cost of the riders against the potential benefits they offer before deciding.
