Buying a life insurance policy is as crucial as any other saving that you make for your loved ones or yourself. While both market-linked investments and bank deposits help you maximize your savings, it is life insurance that serves as the much-desirable protection for your family in your absence. To ensure that you have adequate financial protection in the form of life insurance, however, it is necessary that you back it up with additional utilities in the form of riders.
A life insurance rider can help add more value and benefits to your existing insurance coverage, making it more robust and comprehensive. Here are a few life insurance riders that add added protection to your existing life insurance policy –
Premium Waiver Rider
Many insurance companies provide their policyholders the option to waive off their premium payable, in case they are facing any financial emergency. Under the premium waiver rider, the insurer promises to waive off payment of future premiums if you (as the policyholder) are not able to pay them either due to temporary or permanent disability caused by accident or are diagnosed with a life-threatening health ailment (or critical illness.)
Critical Illness Rider
The critical illness rider acts as an income replacement for you in case you are diagnosed with a life-threatening health condition and are unable to meet the treatment costs and day-to-day expenditures. The rider provides an immediate disbursement of a pre-defined amount so that you can take care of your medical treatment. At the same time, your family has money in-hand to continue their current lifestyle.
Accidental Death Insurance Rider
If you are the only breadwinner for your family, your well-being becomes paramount for your family. With the accidental death insurance rider, you can make sure that your loved ones are more securely protected, in case of your sudden demise due to an accident. Along with the life insurance policy, the rider will help pay an additional amount of money, over and above the Sum Assured to your family.
Accidental Permanent and Partial Disability Rider
In case you suffer from a partial or permanent disability due to an accident, the accidental permanent and partial disability rider will help you focus on your treatment and get back to everyday life. At the same time, your family has ample financial help to take care of their needs and requirements.