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10 Most Frequently Asked Question About Life Insurance Riders

Updated On Jun 13, 2021

Riders are important for any insurance plan. They add extra protection to your insurance policy and make sure you are well-protected against all circumstances. To find answers to all questions regarding riders, read on. The following are a few of the most commonly asked questions of life insurance riders.

10 Most Frequently Asked Question About Life Insurance Riders

Following are the most frequently asked question about life insurance riders - 

1. What benefits do life insurance riders provide?

Various life insurance riders provide various benefits under specific circumstances. There are riders for accidental death or disability, critical illnesses and more. They are usually provided for such situations which incur more costs than usual.

2. Are riders available with all life insurance policies?

Yes, they are generally available with all life insurance policies. Different companies may offer different riders that are available with their respective life insurance policies.

3. What are some usual exclusions of riders?

Usually, cases of suicide, self-inflicted injury, and death or disability caused by risky activities and sports are not covered by riders. Other exclusions include intake of drugs and more.

4. When can we add a rider to our base insurance policy?

It can usually be added at the inception of the insurance plan for the policyholder. Some insurance policies also allow for it to be added during their renewal.

5. What is the exact definition of disability as accepted for claims to riders?

All definitions regarding disability, critical illness or any other speciality that the rider is serving, is duly defined by the insurance company in their rider brochure. It is advised to carefully go through such definitions to avoid claim rejections.

6. To prove a critical illness, disability or the like, what kind of certification is required?

Usually, a certification by a Registered Doctor is required. Sometimes, an additional certification by a company appointed medical practitioner is also asked for.

7. How much are the benefits provided under the rider?

Riders pay out benefits equal to the rider sum assured. Some benefits are paid out only once during the entire policy term. There might be options to continue the rider after that or it might cease, according to the conditions provided.

8. Do riders have maturity benefits?

Whether a rider pays out maturity benefits or not, depends on the terms and conditions of the specific riders.

9. Can Riders be terminated?

Yes, riders may be terminated. The payout of maturity benefits depends on the conditions of the rider.

10. Why are Riders important?

Riders enhance the features and benefits provided by an insurance policy at only a fraction of the cost. Moreover, they are oriented to certain circumstances which makes them better equipped to handle them and provides extra protection to policyholders.

You may also like to read - What are the Rider options with a Life Insurance Plan?

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