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How Many Riders Should I Add With My Life Insurance Policy?

Updated On Jul 22, 2021

Life Insurance Policy alone is not able to cover all our future needs and goals and that is where policy riders have our back and come to our rescue as we can maximise the coverage of our policy by adding riders in them. But overbuying of riders has become a common trend nowadays since riders come at very little cost. However we should also remember that it adds to the overall premium cost and can overburden us in adverse times therefore before buying a rider, one must wisely think if it is actually required or not. 

How Many Riders Should I Add With My Life Insurance Policy?

Insurance riders are simple and affordable to manage, making them a good and popular choice among investors. Although there are several policy riders that provide numerous benefits, here is a list of the most popular riders; you can invest in them as well, depending on how many riders you need to have in your policy for fulfilling your long term goals. 

1. Accidental Death Benefit

This clause pays an extra benefit if the insured dies in an accident. For some types of accidents, this sum could be twice or triple the face value of the insurance. Typically, there is a maximum age limit, such as 65, but this rider can be extremely useful in times of need.

2. Guaranteed Insurability Rider

This is a rider that lets the insured acquire additional insurance at regular intervals up to a specified age restriction, such as 40. The insured does not need to present proof of insurability to acquire coverage. 

3. Cost Of Living Rider

This rider allows the policyholder to purchase more coverage each year in order to keep up with rising living expenses. The cost of living index determines the maximum amount that can be acquired under this rider. This is frequently used to obtain low-cost life insurance upgrades without having to submit proof of insurability.

4. Payor Benefit Rider

This rider is typically added to a child's insurance policy, and it states that any premiums are automatically waived if the person paying the child's premiums dies or becomes permanently disabled before the insured is mature.

5. Spouse Benefit Rider

This rider ensures that an insured's spouse will have level term coverage for the remainder of their lives. A clause that allows the spouse to transfer to a lifelong life insurance policy without providing evidence of insurability is also regularly added.

6. Children’s Rider

This rider provides coverage for the lives of an insured's children for a specified period of time. Most policies have a single premium rate, and newly born or adopted children can be added to the policy without boosting the costs. There is usually a clause that allows each child to switch to permanent coverage without submitting proof of insurability.

7. Rider For Mortality Deduction Charges Waiver

This is comparable to waiving the premium benefit, although it is more prevalent with variable premium universal life insurance.

8. Rider For Monthly Disability Income Benefits

Following an initial waiting period, this benefit offers a monthly payment to insureds who are completely incapacitated. It is often computed as a percentage of the insured's death benefit.

9. Premium Waiver Rider

As the name implies, the Premium Waiver rider guarantees that if a case develops that renders you financially unable to pay additional premiums, your policy will not be terminated and you will obtain a premium waiver.

10. Return Of Premium Waiver

In the event that you have lost all of your assets or are running low on funds owing to an emergency, the return of premium waiver comes in handy.


Standard life insurance isn't always enough, and it's always a good idea to ensure your insureds' needs are covered. If you understand the riders and supplemental benefits available for life insurance, you will be able to increase your income while still providing the finest security for your family.

Also Read: What Is A Rider On A Life Insurance Policy?

Difference Between HospiCash Rider and Surgical Rider

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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