Life Insurance Riders

Before we get into the various types of riders offered, some of you may be unfamiliar with the term “rider”. So, “What is a rider?” The answer to that question is pretty easy to explain. A rider is an amendment that can be added to an insurance contract such as a life insurance policy. Even though a rider can be added to an insurance policy, it cannot be purchased on its own. When life insurance policies are drawn up, they usually come very standard. Riders are the options that the proposed insured can add to their policy to make the policy better fit their needs. See additional articles in this category for details on many of the available life insurance riders.

When looking at rider options, here are a few things to keep in mind:

  • Riders usually need to be added before the policy is submitted to the insurance company for underwriting.
  • If you are seeking online insurance quotes, please be aware that riders are generally not calculated into the insurance quote provided.
  • In order to get a better estimate of your insurance premium, you should contact the company providing the online insurance quote. After giving small amount of additional information, the agent should be able to provide you with an exact quote.
  • Make sure you know all of your rider options so that you can have the most properly equipped insurance policy to fit your needs.

Life insurance riders are much like the options you look for when purchasing a new vehicle. Example: While deciding the make and model of your new car, you are sure to let the sales person know you are also interested in a sunroof.

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senior market advisor Article added 08/16/2011  by Amber Douglas
Senior Market Advisor: Morgan White Group
amber.douglas@morganwhite.com

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