An insurance rider is a valuable financial tool that increases your life insurance coverage conveniently and affordably. Also, You have an option of buying a stand-alone rider as well.
Know the types of riders:
- Waiver of Premium Rider: Upon becoming permanently disabled or losing income due to injury or illness before a certain age, the insurance company waives future premiums.
- Critical Illness Rider: Under this rider, you get extra financial protection if you’ve been diagnosed with any critical illness mentioned in the insurance policy. The amount received can be utilized to meet a medical emergency or household expenses.
- Accidental Death Rider: If the insured dies due to an accident, the family of the insured receives the extra amount which is equivalent to the base amount of the policy. It’s a reason why this rider is called a double indemnity rider.
- Income benefit rider: This rider is potent for your family if you’re the sole breadwinner as it ensures a steady flow of income in your absence. In simple words, if something happens to you, the premiums are waived off and your family is entitled to regular income for a fixed number of years.
For more information on investment assets, you can rely on Future Value, a pool of financial experts that can guide you through this and help you in your investment journey.
Is Life insurance necessary?
Life insurance is necessary to support your immediate family financially if you pass away. To pay for your children’s education and other needs. Also, having a savings plan for your retirement will ensure that you have a steady income after you retire.
For more information on investment assets, you can rely on Future Value, a pool of financial experts that can guide you through this and help you in your investment journey.
