A Term Insurance rider can be referred to as an additional cover that you can purchase along with your base term insurance plan. It acts as an extension to your base policy benefits. You can purchase an additional term insurance rider add-on plan by simply paying some extra premium.
Thinking of ways to boost your life coverage plan to support your dear family? You need protection riders! Add extra security to your plan, by paying a slightly higher premium.
Why Do You Need Riders in Term Insurance?
Extra Benefits: You may have always wished that you gain more perks from your term insurance policy (other than death benefit).
Extra Facilities: Your wish may come true as your basic term insurance plan can be supplemented with additional privileges. For that, all you need to do is shed a few extra bucks.
In our life journey, we come across many twists and turns. Life is full of unexpected events and one can never know how his journey will come to an end. One could pass away peacefully in his sleep or due to an accident. Simply buying a term insurance plan will give you normal death benefit (the sum assured amount only). Also, in today's fast-paced world, the number of instances of accidents have increased drastically, and hence it is time to provide an additional layer of security to your family's future. An Accidental Death Rider will offer your loved ones a supplementary sum assured if you pass away due to an accident.
Key Facts
You meet with an unfortunate accident causing you to lose your arms or legs. Due to this, you are disabled for the rest of your live, and your livelihood is snatched from you. Regardless of whether you succumb or survive disabled in the accident, your family would equally be left in the lurch. Your financial burden needs to be borne by someone, right? That is exactly what a disability cover does. It covers that risk and substitutes your income for the family’s future.
Key Facts
Major illnesses like Cancer, heart attack, kidney failure, coronary artery bypass and paralysis can affect you temporarily or permanently. You would require higher medical costs and your financial worries can shoot up. Critical Illness Rider can compensate you with a lump sum amount if you are diagnosed with a medical illness that has been pre-specified in the policy.
Key Facts
You have been paying term insurance premiums, but due to disability, you stop earning and are unable to pay premiums for the entire term. Generally your policy expires and you gain no-death benefit due to non-payment of premiums. Thankfully, if you have this rider, then your premiums are waived off in the event of disability during the term of your premium.
Key Facts
Once you expire, how will the income generation for your family continue? This rider does the trick! Your family/nominee gets additional income for the next 5-10 years along with the sum assured amount.
Key Facts
If you are suffering from terminal illness, you miserable family would have to bear huge medical expenses for your treatment. With this rider, your will get partial advance amount of your sum assured when you are critically ill. If you have less than 12 months left to survive, the advance payment can be used for the treatment and costs required to stay alive. The remaining amount is paid to the family/nominee once you are no longer in this world to support your family emotionally and financially.
Key Facts
Few term insurance rider plans enhance your base plan’s total cover amount. For example, if your main base term policy has an SA (sum assured) or cover benefit of 1 CR, & if you buy an additional critical illness rider plan, in such a case you can get an extra cover of 25 Lakhs.
One of the greatest advantages of term insurance add-on riders is that it completely provides added protection to your family. This protection is provided not after your demise but also when you contract any critical illness or permanent or partial disability.
Despite a wide range of benefits you get along with your base cover amount, the price of term insurance add-on riders is quite low. These add-on policies act as extensions to your base plan & offer a wide range of comprehensive benefits.
With riders, you can be assured of boosting your term insurance plan.
You can choose waiver of premium rider if you are looking for reduction in premium due to accidental disability. The permanent disability and accidental death riders ensure that your family doesn’t go into deep financial crisis once you are gone. While the accelerated death rider can reduce your family’s financial burden if you are suffering from terminal illness. Whichever rider you select, do not forget to read its terms and conditions before opting for one.
Why compromise with your loved ones when you can easily get term plan riders by shelling out a little extra? Give your folks an opportunity to remain financially stable. Let them live peacefully with your memories, regardless of whether you are around or not.
Discover term insurance riders. Get quotes from Coverfox.com
A Term Insurance rider can be referred to as an additional cover that you can purchase along with your base term insurance plan. It acts as an extension to your base policy benefits. You can purchase an additional term insurance rider add-on plan by simply paying some extra premium.
Different types of riders include income benefit, premium waiver, critical illness, accidental disability, accelerated death & accidental death.
Major organ transplantation, cardiac arrest, kidney failure, stroke, paralysis & cancer.
Yes, you can. You must simply select those riders that suit your requirements & budget.
Any person who has a proper base term insurance policy can purchase an add-on term insurance rider.
