What are Life Insurance Riders?

The short of it....Riders can give policyholders additional benefits and increase peace of mind that the life insurance policy is going to do more for you as well as your loved ones than the original core policy paying out at a time of death. There is even a surprise rider that many do NOT know about and everyone should look into BEFORE making a decision.

There are many different riders - To complicate things worse you even have different availabilities based upon the State of Residence and purchase of these Policies. That is due to the specific States Department of Insurance and actual States approved guidelines.

In this article we will review 10 of the most popular and beneficial to you, your family or business operations.

In case you became totally disabled:

1. Waiver of premium rider - This means you would not have to pay the premium if you became totally disabled and could not work. This means you do NOT have to choose between putting food on the table or that policy you got to protect your family in case anything happened to you!
2. Disability income rider - You could collect a regular income from the insurance company if you become totally disabled and cannot work! The policy with specify what amount of the income you would receive along with the period of time according to your disability timeframe.

Looking at term insurance options:

1. Term conversion rider - Term means these type of policies are a much more affordable premium monthly but have a term of coverage from 10 years to 30 years. This policy allows you to convert the term contract policy into a permanent or whole life insurance policy. This way your beneficiary receives a the death benefit no matter what age of your passing away.
2. Return of premium rider - One of my favorites! Finding yourself ALIVE at the end of the policies term? You received paid funds back based upon that Carriers specific guidelines. This does increase the monthly premium normally more than other riders but in effect you end up with a forced savings but with a death benefit. Not too bad.

In case you become seriously ill:

1. Critical illness rider - An insurer pays a lump sum if you're diagnosed with one of the critical illnesses specified in the insurance policy, such as cancer, heart attack, stroke, kidney failure and others. Instead of reimbursing you for medical expenses, the way health insurance does, the rider provides money to use for any purpose during the course of treatment.
2. Accelerated death benefit rider - This lets you collect a portion of the policy's death benefit if you become terminally ill with a short life expectancy, such as one year. The policy spells out how much of the death benefit is available before death. Usually it's capped at $250,000 to $500,000 depending upon the Carrier.

In case the unimaginable happens to a child:

1. Child protection rider - No one wants to consider the possibility of losing a child, so all emotion must be set aside when considering a child protection rider. A death of a child typically would not result in income loss, as would the death of a spouse, the tragedy still would have some financial consequences, which could be an additional hardship for a bereaved family. This is a Term Insurance type of coverage for final expenses in case the unthinkable happens. The coverage generally can be purchased in units of $1,000 each.

In case of death from an accident:

1. Accidental death benefit rider - you die from an accident, this rider provides an additional benefit on top of the policy's regular death benefit. The option is often referred to as double indemnity when the additional payout equals the original death benefit. Sometimes the rider also includes additional payment for dismemberment. You would collect money if you lost a limb or your sight.

Health now declined and not insurable?

1. Guaranteed insurability rider - Some Carriers have this rider that lets you purchase additional life insurance coverage at a later date without undergoing a medical exam or providing any evidence about your insurability. When the option comes up to buy more coverage, the insurance company considers your age for setting the premium, but not your health.

The suprise you all been waiting for and everyone should look into BEFORE taking out a Life Insurance Policy - Even if you have current smaller policies it pays to have them reviewed by an expert to see if you can acquire a paid-up policy and obtain a better one for the same amount you are paying currently.

Income for Life!

What many do not realize including agents within the Insurance Industry - You can obtain a specific type of policy that as long as it meets certain IRS tax requirements regarding life insruance, it comes with a rider that can provide an actual monthly cash flow 'FOR THE LIFE OF THE INSURED' if certain conditions are met! It literally becomes apart of your planned retirement plan.

I would love to help you or one of your loved ones review this information to see what your needs are along with how you could qualify for an Income for Life Policy!

You may also go to: www.ProtectYourLife.Today