Riders or add-ons enhance the benefits of insurance policies. If you are planning to buy life insurance cover, some of the top riders you can consider buying are discussed here.
If you are worried about the financial safety of your family in case of your untimely demise, buying insurance would surely be one of the best decisions of your life. With insurance, your nominee would receive the death benefit as per the terms and conditions of the purchased policy.
While insurance policies now come with a host of features and benefits, purchasing riders is advisable for additional security. Riders are add-ons that increase the premium but also significantly increase its value proposition of the insurance. Some of the top riders you can consider are as follows-
Accidental Death Rider
In case of death of the policyholder due to an accident, an accidental rider benefit could come in very handy. Along with the basic death benefit of the policy, the nominee will receive an additional bonus if you purchase this rider. This rider is highly recommended for people involved in risky jobs like construction sits or manufacturing units.
- Accidental Permanent Disability Rider
An accident might not result in death, but it may cause permanent and total disability. In such cases, the policyholder will no longer be able to continue working. With an accidental permanent disability rider, you can receive income benefits to make up for the lost income.
In most cases, you will receive a certain percentage of the base sum insured regularly as an income for a fixed duration. If at all the policyholder dies within the income duration, the nominee will receive the death benefit of the insurance while also receiving the rider income.
- Waiver of Premium Rider
In case, if you suffer from an accident that leads to disability and cannot work anymore, it could be challenging for you to afford the insurance premiums. With standard policies, your insurance will terminate if you do not pay the premiums.
To avoid such outcomes, you can purchase a waiver of premium rider. With this, you will no longer be required to pay the premiums of your insurance if you suffer from a disability, but the policy benefits will continue.
- Critical Illness Rider
If you are diagnosed with a critical illness like cancer or kidney failure, the cost of treatment could be very expensive, and it can significantly impact your finances. With a critical illness add-on, you get a lump sum from the insurance company in case you are diagnosed with a condition covered in the rider.
Such riders are generally only offered by insurance providers who offer life as well as health insurance policies. Also, the conditions covered under such riders vary between insurers.
- Cardiac Care Rider
This life insurance rider is exclusively for heart diseases like coronary artery disease, hypertension, stroke, cardiac arrest, congestive heart failure, etc. Just like a critical illness rider, the cardiac care rider will provide you with a lump sum payout in case if you are diagnosed with a cardiac condition covered by the rider.
Some insurers also offer additional options like hospitalization benefit, inflation benefit, and income benefit with the cardiac care rider.
Do You Really Need Life Insurance?
Just like purchasing any other type of insurance, a rider keeps you more prepared for unforeseen scenarios. They significantly increase the scope of your policy and provide a host of additional benefits so that you and your loved ones remain more protected.
While they do increase the premium of your policy, it is not really much when you compare it with the safety they offer. If you are planning to purchase life insurance, do check the available riders to select ones that best suit your requirements.