New Question – What Are Life Insurance Riders
Life insurance riders are additional provisions that can be added to a standard life insurance policy to customize it and provide extra benefits or coverage tailored to the policyholder’s needs. These riders often come with an additional cost but offer more comprehensive coverage. Here are a few common types of life insurance riders:
- Accelerated Death Benefit Rider: Allows the policyholder to access a portion of the death benefit if they are diagnosed with a terminal illness.
- Waiver of Premium Rider: Waives premium payments if the policyholder becomes disabled and is unable to work.
- Accidental Death Benefit Rider: Provides an additional benefit if the policyholder dies as a result of an accident.
- Guaranteed Insurability Rider: Allows the policyholder to purchase additional insurance coverage at specific intervals without undergoing a medical exam.
- Child Term Rider: Provides a death benefit if a covered child passes away.
These riders can help you tailor a life insurance policy to better fit your individual needs and circumstances. If you’re considering adding riders to your policy, it’s a good idea to speak with a financial advisor or insurance agent to understand the options and costs involved.
It’s essential to assess your financial situation, goals, and obligations before deciding on life insurance.
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Term life insurance is a popular choice for many people. Here are some reasons why you might consider buying term life insurance:
- Affordability: Term life insurance provides coverage at an affordable price for a fixed period of time. It can help you protect your family from financial struggle when they depend on your income, such as when you have children, a mortgage, or debt.
- Flexibility: You can choose the length of coverage that suits your needs.
- No savings or investment component: Term life insurance does not have a savings or investment component, which keeps the premiums lower compared to other types of life insurance.
- Specific coverage: Term life insurance allows you to cover a specific concern, such as your working years or the duration of a mortgage.
- Financial security: It provides security for your loved ones when they depend on your income.
- Mortgage payoff: It can help pay off your mortgage in case of your untimely demise.
- Debt reduction: It can help reduce any outstanding debts you may have.
- College tuition coverage: It can provide funds for your children’s education.
Please note that term life insurance is not suitable for everyone, and it’s important to evaluate your individual needs and circumstances before making a decision.
Too many families go without life insurance. More than 7% of kids in the U.S. lose a parent or sibling by age 18. If that parent was a breadwinner, 44% of those families experience financial hardship within 6 months. Life insurance is an important way many families can stay financially viable after a loss.
Many want life insurance, but don’t know how to get it. 80 million U.S. households are uninsured, facing an average coverage gap of $200,000. We can help reduce this gap with the partnerships we established with insurance carriers. About 95% of our applicants up to age 85 are approved when they apply with for life insurance through Edmonds Insurance Group.
