Why Your Life Insurance Plan Is Incomplete Without Riders?

Life insurance is a boon in itself. One of the best ways to tackle emergencies, life insurance is a must for every individual who looks forward to securing their loved ones financially, even in their absence. There’s no doubt that life insurance is highly beneficial in ensuring financial stability in the long run, however, did you know that it can be enhanced by the means of riders? Let us find more. 

What Are Life Insurance Riders? 

Life insurance riders are the additional security that one can opt for. Added to a life insurance plan, life insurance riders ensure that the policyholders and their families get better financial protection, irrespective of the situation. Moreover, life insurance riders help in ensuring that neither the life insured nor their family has to compromise on their other needs to cope with the financial instability in the already testing times. 

What Are The Key Life Insurance Riders?  

The prime life insurance riders are as follows:

• Accidental death benefits rider
• Accidental total & permanent disability benefit rider
• Income benefit rider 
• Waiver of premium rider
• Critical illness rider 
• Child support benefit rider

Why Adding Riders Can Complete Your Life Insurance Policy?

Here are a few reasons why you must add riders to your life insurance:

• Superior Protection

Riders can help you and your family stay away from financial difficulties. Be it in the case of death, accidental disabilities, or life-threatening illnesses, your rider will help you manage the expenses without compromising in any way. 

• Enhanced Cover

If you want to enhance your total protection pool, the best way would be through adding riders. Let us assume that your base life insurance policy has a sum assured benefit of Rs. 1 Crore, you can easily make the amount to Rs. 1 Crore 25 lakhs by adding a critical illness rider. A family may require additional money in the case of long hospitalization or significant medical expenses rather than just the death claim to take care of everything.

• Special Benefits

Did you know that by adding a rider like the child support benefit rider, you can take care of your child’s education without worrying about the financial constraints? One of the best benefits of adding riders is that they help you in gaining special benefits without demanding much in return.

• Cope with Income Loss

Have you ever thought about what would happen if you are diagnosed with a critical illness or become disabled due to an accident? How would you continue providing financial assistance to your loved ones if you lost your job? How would you pay the remaining premium for the insurance cover? If still looking for an answer, know that a rider such as the premium waiver rider will help you remain covered without having to pay any additional premium.

Final Words

One of the biggest advantages of riders is that they work along with the base life cover. Buying riders separately may not only become tough to manage, but you may also end up paying more premium. Moreover, you may also lose out on the combined benefits. 

That said, make sure you add riders to your base life policy and choose the rider wisely!

Also Read:

Exploring ABSLI Surgical Care Rider 

All you need to know about guaranteed insurability 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.