Most life insurance policies have a variety of optional benefits, called riders, which may be available for an additional cost.
- Disability riders may cover paying your policy premiums while you’re disabled and may supplement your lost income.
- An accelerated death benefit rider lets you collect a portion of the policy’s death benefit if you become terminally ill with a short life expectancy, such as one year.
- A critical illness rider pays a lump sum if you’re diagnosed with one of the critical illnesses specified in the insurance policy, such as cancer, heart attack, stroke, kidney failure and others. Instead of reimbursing you for medical expenses, the way health insurance does, a critical illness rider provides money to use for any purpose during the course of treatment.
Every insurer has their own selection of riders, so be sure to ask what’s available with your policy.