3 Life Insurance Riders You Should Consider

Have you considered buying life insurance lately?  If so then you may want to read this article to learn about 3 life insurance riders you may want to add to your policy before you sign on the dotted line.

Return Of Premium Rider

A return of premium life insurance rider should be considered if you are buying a term insurance policy.  Let me give you an example how this rider works.  Let say you buy a 30 year term policy, and in the 30 years you don’t pass on.  With this rider you will be able to get back almost everything you paid into it.

The only thing you won’t get back is if you had any special health conditions and they had to charge more and if you added any extra riders to your life insurance policy but beyond that you will get back 100% of everything you paid in over the last 30 years.

Guaranteed Renewal Rider

This is another rider you should consider if you are buying a term insurance policy.  This rider will become very effective if you need to purchase life insurance in your later years.   For example let’s say you got to the end of your thirty year policy and needed more life insurance however after 30 years you now have to take blood pressure medication and may need a triple bypass.

With this rider you are guaranteed to get your life insurance policy renewed.  If you didn’t have this rider you may have to get a high risk policy and life insurance for high risk individuals is very expensive, or worse you may not get anything at all.

Disability Rider

I would also consider this rider if you had a term or permanent life insurance policy.  The reason being that if you happen to get disabled the insurance company will pay your premium payments for you.  Losing your life insurance could put a huge financial strain on your loved ones if your policy were to lapse.

In Closing…

The riders I’ve shown you above are relatively inexpensive.  Only costing around a quarter of a percent more to add on to your policy.  The best thing you can do is have your insurance agent run you several quotes to see what all the expenses are.

Tags: life insurance for high risk individualsreturn of premium life insurance