What are riders in life insurance policies?

Riders in life insurance policies refer to optional features that can augment or tailor the coverage to fit the specific needs of the policyholder. These modifications allow individuals to customize their life insurance plans by adding specific types of coverage or benefits that address unique circumstances or circumstances not covered by the base policy.

For instance, a common rider is a waiver of premium rider, which allows the policyholder to stop paying premiums if they become disabled. Other riders may include accelerated death benefits, which allow the insured to access a portion of the death benefit in case of terminal illness, or accidental death benefit riders that provide additional coverage if the insured dies due to an accident.

Each of these riders represents a way to enhance the core benefits of the life insurance policy, providing flexibility and additional safeguards to the policyholder or their beneficiaries as their life situations evolve. This customization aspect is what makes riders an important consideration for anyone looking to secure life insurance that meets their specific needs.