When you talk to an independent insurance agent from Security Insurance Group they will ask you questions to get to know your insurance needs. On of the things they will be asking about and listening for is if you need an insurance rider. This week’s blog will look at what a rider is and when you might need one.
LIFE INSURANCE POLICY RIDERS
What is a Rider?
A rider to an insurance policy is extra coverage that you purchase separately from your main policy. Most policies have little or no wiggle room for extras so a rider gives you the wiggle room you might need. There are riders of all types of policies for all sorts of circumstances and we’ll go over a few examples.
Life Insurance Riders
Accelerated Death Benefit
This rider allows you to claim part of your life insurance payout while you are still alive in case of diagnosis of a terminal illness.
This rider has become fairly common and so is not very expensive, in most cases.
There is usually a cap, so ask your independent agent about that if you are considering adding this rider to your policy.
Waiver of Premium
This rider is a form of disability insurance.
If invoked, this rider means that in case of disability, the insurance premium would not have to be paid.
The rest of the policy stays valid when this rider is used in cases of disability that leads to the inability to work.
This is often an age limit to this rider, so ask your independent agent about that if you are considering
Call us at 970.373.2688 or 303.660.0632 to inquire about riders or any insurance questions.