Secure the comprehensive protection that your family deserves.

When people plan for the unexpected, life insurance is a must-have coverage. In most cases, securing a term life policy is enough to make sure that your loved ones are financially cared for in the event of your unexpected death. However, as you shop around for policies, you may find that the coverage options are not quite right for your family. Fortunately, you have the opportunity to customize your term life coverage by adding insurance riders to your policy. Here are some of the things you should consider before tacking a life insurance rider onto your policy.

Do You Really Need a Rider?

When selecting life insurance, it’s important to make sure that your policy is offering you the right coverage and term length to fit your family’s needs. Once you are satisfied with your base policy, you can start thinking about extras. You should consider a rider if it or they, (if multiple) are affordable and you have a clear need for the coverage that it provides. Here are some of the policy riders that you may have available to you based on your insurance provider:

  • Accelerated Death Benefit – Allows you to access some of your policy’s death benefit while you are still living if you have been diagnosed with a terminal or chronic illness. The purpose of this rider is to address some of your end-of-life costs. However, insurance experts warn that this rider is not a good replacement for long-term care insurance.
  • Accidental Death – Offers a larger death benefit if you die from an accident. Insurance experts warn that this type of rider rarely pays out and that policyholders are better off securing a larger death benefit in general.
  • Disability Waiver of Premium – This rider will pay for your life insurance premium if you become disabled and cannot work. This is a good rider to consider if you have health problems, but keep in mind that adding this coverage will increase your rates significantly.
  • Return of Premium – This rider ensures that you will receive the money you paid in premiums if you’re still alive at the end of your term. While this sounds like a good deal, adding this rider to your policy may increase the price of your insurance

These are some of the common life insurance riders that you may wish to consider. You should discuss all your options with your life insurance agent to make sure you are setting up just the right coverage to potentially meet your family’s needs. If you have additional questions regarding your life insurance coverage feel free to contact the team at Randy Jones Insurance Services in Pleasanton, California. We are ready to assist you with all your insurance needs today.