Common Insurance Riders

Long-term Care Rider: Long-term care insurance can be a wise purchase, especially for people over 60. It helps cover the costs of daily services such as bathing and dressing for the elderly or those with long-term illnesses. Health and disability insurance often don't cover long-term care. It's offered as a stand-alone policy or rider to other policies, such as life insurance.

Convertible Term Rider: Convertible term life insurance is a type of term life insurance rider that includes a feature allowing you to convert the policy into a permanent life insurance policy, usually whole life, at a later date. While some term policies provide a conversion option as a standard feature, others require adding a separate rider for conversion.

Accelerated Death Benefit Plus Rider: This rider enables the policyholder to access a portion of the death benefit if the policyholder is diagnosed with a qualifying illness, such as a terminal, chronic, or critical condition, and meets specific criteria. Some policies include this as a standard feature, while others require adding a separate rider.

Inflation Rider: When you buy title insurance, your coverage may be tied to the value of your home when you purchased it. An inflation rider, whether attached to title insurance or some other insurance such as long-term care insurance, adjusts the amount of coverage to reflect the increase in value (or costs) caused by inflation.

Accidental Death Rider: A policyholder can add an accidental death rider to a life insurance policy. It provides an additional death benefit if the person dies in an accident. Accidents can include fires, car accidents, falls, and workplace accidents. Each life insurance company determines what exclusions apply. An accidental death rider can also pay an extra sum of money. This accidental death benefit is triggered if the insured dies within a certain period, such as 90 or 180 days after an accident.

Accidental Death and Dismemberment Rider: This type of rider is an option for most types of life insurance coverage. It offers a payout if the insured survives an accident but loses a limb or sustains another debilitating injury.

Guaranteed Insurability Rider is available on specific life insurance policies. It allows you to purchase additional insurance at particular dates in the future (subject to minimums and maximums) without having to go through an exam or answer health questions.

Term Insurance Rider can be added to a permanent life insurance policy to increase your death benefit within a set timeframe. For example, your base whole life policy might have a death benefit of $100,000 that will be paid out no matter when you die.

Critical Illness Rider: A critical illness rider pays a lump sum if the insured receives a diagnosis for an illness covered by the policy.

Return of Premium Rider: A policyholder can add this type of life insurance rider to a term policy. If you outlive the policy term, the policyholder receives a payout of money spent on policy payments.

Life Insurance Term Conversion Rider: This type of rider allows you to convert a term life insurance policy into permanent life insurance without another medical exam.

Guaranteed Insurability Rider: This type of rider allows you to increase your policy's death benefit without another medical examination. A policyholder can expand coverage to address changing needs.

Waiver of Premium Rider: This type of life insurance rider relieves the insured of premium payments for particular reasons. These reasons can include the policyholder becoming critically ill or seriously injured. This rider can also apply if the policyholder has a terminal illness or certain chronic illnesses.