Why Buy?      Types      Taxation      Riders      Provisions      FAQs

Special Riders

The following are some additional life insurance policy enhancements that may be added to many life insurance contracts.

• Accelerated Death Benefit: The insured can collect on their own life insurance policy if diagnosed with a terminal illness. Generally, it must be certified by an attending physician that the individual has one year (or less) to live. Some companies will pay up to 90% of the face amount.

• Accidental Death: This rider provides for the payment of a multiple of the face amount in the event of an accidental death.

• Child Rider: is a Term Life additional coverage that may be added to the base insurance policy to cover all children, that must be named, for a small amount of insurance for a limited period of time.

• Family Rider: is a Term Life additional coverage that may be added to the base insurance policy to cover all children and a spouse, that must be named, for a small amount of insurance for a limited period of time.

• Guaranteed Insurability Rider (G.I.R.): A rider that can be attached to a whole life, or universal life contract. The policyholder is guaranteed the right, without medical or occupational examination, to make periodic additions to her life insurance at the attained age standard premium. The options can be exercised at stated ages or events (marriage or the birth of a child) in specified amounts. Not to exceed a contract-set maximum.

• Payor Benefit: This rider waives the premium should the payor, usually a parent or grand parent, die or become disabled while paying the premium for an "insured". This rider normally terminates at the insured's age of 25.

• Waiver of Premium: Should the insured become disabled by bodily injury or disease, the payment of subsequent premium is waived by the insurer. There is normally a 90 or 180 day waiting period before the company will waive the premiums. If the insured is still totally disabled after the waiting period, most companies will reimburse the insured for the premiums paid during the waiting period. When this rider is attached to a universal life policy, it must define exactly what portion of the contribution is being waived, since premiums to the plan can vary. Some waive only the cost of insurance while others waive the entire planned periodic payment.

All prices, programs, features, underwriting, offers, representations and companies shown in this site are subject to change without notice. We may add or discontinue a company or program or an insurer may change underwriting criteria or product line availability without notice to us. With the insurance industry constantly changing we may not be able to keep the site up with the latest information. For the up to date info please contact us. All insurance applications are always subject to current underwriting rules, acceptance of the insurer and adequate premium paid.