what are riders in life insurance

A stand-alone insurance policy is likely to provide more protection than a rider. However, some additional features may be worth the extra price, based on your family's needs. The broker or agent will help you decide which life insurance riders you require if you're buying a life insurance policy.

If your death benefit from life insurance is paid to your estate, this kind of rider for life insurance may assist in reducing estate taxes that could be due.

However, many insurance companies will permit you to remove an insurance policy's rider just by filling in an authorization form for the removal.

There could be an in-between period before the rider will pay out generally, which is approximately six months. However, if your claim is accepted and you're approved, you'll receive reimbursement for the premiums you paid over your waiting time. Your tips are paid until you're no more disabled or attain a certain number of years old, typically from 65-70.

The coverage can generally be increased every three-five years during "option times," windows of time where you can buy more coverage in a specified timeframe. In most cases, you may also be able to purchase additional coverage in the event of life's important things, such as marriage or having a baby. It is common to buy additional insurance until forty years of age.

If you are disabled, this kind of rider generally provides:

You will likely need to submit evidence from both you and the Social Security Administration and a physician to prove your disability in addition to proof to your insurance company every couple of years.