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What Are Life Insurance Riders?

Finding life insurance means a variety of things that you may need to know. One of those things is to know what a life insurance rider is.

Additional coverage may be added to a life insurance policy by attaching a rider. Riders are modifications added to a life insurance policy that affect how your policy works.

Typically, life insurance riders add beneficial functions to your basic life insurance policy. Riders generally offer benefits that your life insurance policy would not otherwise include.

However, life insurance policies with riders typically cost more in premium rates than basic policies without riders attached to them, something that is the same whether or not you are dealing with term life insurance rates.

What Are Life Insurance Riders

What are some Types of Riders?

There are a number of riders available with different life insurance policies. The following are some examples of riders typically available with life insurance policies.

  • Waiver of Premium Rider or Disability Waiver of Premium Rider. This rider typically waives the premiums due on your life insurance policy in the event you become disabled and are no longer able to pay your premium payments.
  • Early Cash Value Rider. This type of rider generally allows you access to most or all of the cash value of your life insurance policy from the first year or early on in your coverage, instead of having to wait several years for access or for the cash value to grow in value.
  • Accelerated Death Benefit Rider. This rider typically enables the insured person to receive a percentage of the death benefit in the event the policy holder becomes diagnosed with a terminal illness. Most life insurance companies offer the accelerated death benefit rider at no additional charge.
  • Accidental Death and Dismemberment Rider (AD&D). This rider is generally intended to provide a multiple benefit value amount, usually one or two times the face value of your death benefit amount, if the insured person dies from accidental causes. The same generally holds true if the insured person loses sight in both eyes or the use of both limbs. Not all insurance companies offer the accidental death and dismemberment rider, so if it is a rider you are interested in including in your life insurance policy, be sure to inquire about it. Though it may be restrictive and not a substitute for life insurance coverage, the AD&D rider may be available to you at a low rate.
  • Guaranteed Insurability Rider. This rider permits you to buy additional life insurance coverage along with your basic policy without having to reapply, provide further medical information, or undergo another physical examination. Most life insurance companies require that you undergo a physical exam before being able to purchase a policy, unless you opt for a no exam policy. This type of rider is also known as a Renewal Provision rider.

It means that you may also renew your policy without having to reapply for life insurance coverage. This type of rider may be beneficial if your finances are in flux or if your health declines with age.

A life insurance company may not permit you to alter your life insurance policy to suit your individual coverage needs. However, you may choose to include riders in order to make sure you have the coverage you would like in your life insurance policy, and get the term life insurance rates you want. While life insurance policies with riders generally cost more, it may be to your benefit to shop around and receive quotes from different carriers for different types of life insurance policies. Consider the benefits of including different riders in your policy based on your coverage desires and needs. To learn more about life insurance riders and term life insurance rates, visit

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