An Insurance Rider on Life Policies is simply an "add-on" to the base policy.
For example, the base policy might be a parent who has say a 250k death benefit with a child rider which provides a little coverage for the kids in the family.
There are generally several riders available on life insurance policies. They include waiver of premium, unemployment, long-term care, disability, child rider, spousal riders, a variety of accelerated benefits and more depending on the insurance company.
Keep in mind, most of these riders add cost to your policy but may provide valuable extra protection.
An insurance rider is a way of making your policy more suited to your particular desires, without adding onto the price of the policy for everyone else. E.g. If your children are all grown, you do not want your policy premium to include coverage for children. But you may want to purchase a rider that would pay your premium if you were to become disabled; a cost that another person might find frivolous. Riders allow you to tailor your policy to best suit your needs, while keeping it at the lowest possible cost.
Licensed Life Agent, Life and Finance/ 50 States, New York
A rider on a policy is for additional coverage and for lower cost which is added to the policy. The rider adds coverage that is excluded in a major policy and is a cost saver. Ex: In life policy there is the child rider which will cover all dependent children in the family no matter bow many from age 0 to 25 with no evidence of insurability. The cost is added to a premium for maybe 5.00 more contrary to insuring them individually.
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For example, the base policy might be a parent who has say a 250k death benefit with a child rider which provides a little coverage for the kids in the family.
There are generally several riders available on life insurance policies. They include waiver of premium, unemployment, long-term care, disability, child rider, spousal riders, a variety of accelerated benefits and more depending on the insurance company.
Keep in mind, most of these riders add cost to your policy but may provide valuable extra protection.