3 Important Life Insurance Riders You Should Consider

Instead of buying a one million dollar insurance policy, why not purchase some riders that can double that amount? Life insurance policies can be customized by purchasing riders, which are extra features which can be very profitable. Riders allow you to increase the coverage period or the life insurance benefit.

Here are 3 important life insurance riders you should consider

1.       Return of Premium Riderfamily

The biggest frustration people have when purchasing term life insurance is that after it expires, the policy holder spent money on a product he or she never actually used. A return of premium rider can offer some satisfaction as it aims at repaying the total amount paid in premiums. The obvious advantage is that you will get a part of the money spent on life insurance back at the end of the term. In this way, you will no longer feel frustrated that you have paid money for something you never actually used.

2.       Accidental death or double indemnity rider

A life insurance policy will cover you whatever the cause of your death may be. One exception is suicide, which is covered only after two years. A death from an accident is also covered, so why should you buy this rider?  This rider doubles the life insurance benefit if your death was the result of an accident. The term “accidental death” varies from company to company so you have to read the policy very carefully. This rider is advantageous especially if you are the sole provider in the family as the double benefit will provide a much needed financial boost for your loved ones.

3.       Renewal Provision rider

This rider allows you to purchase additional life coverage without having to take further medical examinations. Renewal provision is very advantageous for people whose life has drastically changed. For example if a single person became a parent, he or she can purchase additional insurance without having to apply for a new life insurance plan. Also, seniors whose health decline can also modify the coverage, without risking being illegible for a plan!

If you want to buy a life insurance policy, you should consider these 3 important riders! They can provide many benefits for your family.

For more information and free quotes, do not hesitate and visit our website at milliondollarlifeinsurance.info !