How Life Insurance Policy Riders Can Help You Customize the Policy?

While the primary goal of a life insurance policy is to provide financial security to your loved ones, the riders help expand the coverage of your policy.Insurers now offer many different riders, which help you get coverage for events generally not covered in standard life insurance policies. While the riders slightly increase your policy premium, the extra coverage they offer makes them a valuable addition to any policy.Take a look at some of the most popular riders that you can consider with your life insurance policy-

An accidental death benefit rider is a must for people who use a bike, car, or public transport to travel to and from their workplace daily or are involved in a dangerous line of work.With this rider, the policy beneficiary will receive additional coverage over and above the basic death benefit of the policy in case if the policyholder dies due to an accident.

Life insurance policies generally do not cover a disability due to an accident. But such unfortunate events force individuals to leave their work, leading to serious financial consequences not only for the sufferer but also for their family.By purchasing the accidental total and permanent rider along with the life insurance policy, one can get coverage for accidents that could lead to total permanent disability.

Treatment of critical illnesses could be costly. Moreover, the treatment and recovery often take several months, during which the patient is generally not able to continue working.The critical illness rider enables a policyholder to get coverage if he/she is diagnosed with a critical illness covered by the policy. The coverage amount could be used for the treatment and make up for the loss of income.

Disabilities and critical illnesses often result in loss of income due to which a policyholder fails to continue paying the life insurance premiums. Life insurance policy riders , like the waiver of premium rider, can help in such situations.The rider allows the policyholder to remain covered under the life insurance policy as per the initial insurance contract without paying any premiums.

While there are now many different types of riders available, you should select ones that best suit your requirements. Most insurers allow you to add riders even if you’ve already purchased a life insurance policy.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.