How can I Make my Term Insurance Plan Better with a Rider?

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Whenever you place an order for a pizza, do you ask the restaurant or pizza parlor to add more accompaniments like jalapenos, olives, extra cheese, and more for enhancing the taste of the pizza? The insurance riders offer such additional toppings to your existing term insurance plan. Simply put, the riders help in enhancing the entire value & cover if the term insurance policy. 

What does the term insurance riders mean?

As it has been explained above, the riders are additional covers for increasing the benefits of the term plan. These riders are totally optional and dependent on your discretion. The term insurance riders will make the scope of your term policy broader and because they can be customized, they increase the financial protection of the individuals according to the requirements.

There is a huge range of additional covers or riders that you can choose from while you apply for a term insurance plan. Listed below are some of the famous term insurance riders. 

Critical illness rider

The term insurance policy documents have a specific list of comprehensive diseases that are defined to be of critical nature like heart stroke, kidney failure, cancer, and more. In case you are diagnosed with any of the diseases listed under the critical illness category, this rider provides you with benefits against such illness. After using this term insurance plan rider, the benefits and premium of this ride stop existing.

 Waiver of premium benefit rider

Since the term plans are present for a fixed tenure, the payment of the premium is done for that specific duration for the policy to remain active. The non-payment of one round of premium can also result in the lapse of the insurance. Under the waiver of premium benefit rider, the payment of premiums is totally waived off in the case of an injury, which may leave the policyholders disabled for a sustained tenure or in case of the unfortunate death of the policyholders. Although all the payments of the premium get canceled in such a situation, the benefits of the term policy remain valid for the amount of sum assured. This term insurance rider even extends the benefits to permanent or partial disabilities under some of the life insurance companies. 

Accidental death benefit

It is a term insurance plan rider in which the death benefit gets extended in case of the death of the insured individual and the reason for the death is an accident. In such a case, there is not only a payment of the amount of the sum assured but also the amount under this term plan rider is paid. 

Why should these riders be purchased?

Rather than buying multiple policies for your requirements, one or more than one rider could be added to the standard term plan for creating a better policy against the risks that are specific for you & your loved ones. Depending upon the conditions of the rider, these additional covers could be incorporated for any plan, be it an endowment plan, ULIP, term policy, or in fact a whole life policy during the purchase time or later based on the requirements of the phase of your life.

Besides, these additional covers are available at a reasonable cost and keep checking the total premium amount, making them a good tool for increasing financial security. 

How can you purchase riders on your term insurance plan?

Riders aren’t sold with the basic insurance plan together; however, they have to be purchased separately according to your needs. But they have to be simultaneously bought along with the policy. You may get the term insurance policy as you generally do & just make the additional payment for including the specific additional covers as per your wish to the existing policy. These can extend to disability cover, critical illness, accelerated death, accidental death claim benefit, and many more.

It is important that you know that the term insurance riders cannot be bought after purchasing the plan. Hence, it is necessary that you spend sufficient time for the evaluation of the kind of additional cover or rider you might require before buying the plan. Some of the insurance providers even include in-built add-ons as a part of the basic policy, while some of them even provide flexibility in the policies that can be customized according to the needs.

The riders act as the ideal solution for creating a better term insurance plan for you. Many benefits come along with the riders because they increase impeccable the cover of your term insurance policy while providing you with the benefit of affordability, which will be considered to be a regular basic term plan would. Furthermore, they also offer you & your family additional financial cover during very crucial times or difficult times, which will help you.

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