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Must have Add-Ons For Your Life Insurance Policy

Published On Mar 04, 2021, Updated On Apr 22, 2021

A life insurance policy renders complete cover for the financial needs of the family members of the policyholder in cases of unexpected eventualities.  But a pure life insurance policy will render only death benefits and does not cover disabilities and accidents cover. Incorporating Add-ons with insurance enhances its scope and renders a comprehensive cover for the insured and also for the members of his family. 

Advantages of Adding Add-ons To Life Insurance Policy

There are many advantages of adding add-ons with the insurance policy and they are:

  1. Life Insurance riders are exceptional features that can be of great help at times of need. 
  2. Some Add-ons are relatively cheaper than some policies. 
  3. No separate medical checks or documents are required to include add-ons.

You May Also Like To Read:- How to Modify Life Insurance with Riders

Most Preferred Life Insurance Rider

Must-Have Add-Ons for Life Insurance Policy

When a person buys a life insurance policy, the available riders are also discussed with the insured. They are important tools to strengthen the basic term insurance cover. The three most important Add-ons are,

1. Accidental Disability Rider

The occurrence of accidents is unpredictable and its consequences are unfortunate. A major accident can leave the individual disabled for life. It will be a great crisis for the dependents in the family as well. The spouse or the parents are forced to earn for the family and also take care of the treatment expenses. By having an accidental disability rider with the life insurance policy, such unfortunate instances can be covered. If the insured suffers from disability due to the accident, the add-on will offer the sum assured to the policyholder.

2. Critical Illness Cover

Many life-threatening diseases are on the rise with the current modifications in the lifestyle of people. Some common critical illnesses that people commonly face are cancers, organ failure, stroke, etc., demanding long term expensive treatment. By adding a critical illness add-on with the insurance policy, the policyholder will be able to cater to the expensive medical treatments associated with such critical illnesses. The insurer will offer the sum assured for the diagnosis of critical illnesses that are included in the pre-specified clause of the plan. This rider will not cover pre-existing medical conditions and a medical check-up may be required before taking up this rider.

3. Add-On to Waive Off Premium

The current pandemic situation has left several people jobless. When there is no steady source of income, it becomes impossible to pay the premium amount. The waiver of premium Add-on comes as a solution for some circumstances. If the policyholder is not able to pay the premium owing to the loss of a job, or by suffering disability or critical illness, all future premiums will be waived off. But the basic term plan will continue till the date of maturity. 

Also Read:- Difference between Critical Illness Rider and Hospi Cash Rider

Bottom Line

Thus, the Add-ons for life insurance policies are powerful tools that can strengthen the basic insurance policy. They come in handy in unexpected eventualities in life. The cost of the rider depends on the insurance providers and the base sum assured, but is worth considering to render a comprehensive life coverage for self and the family.

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