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Can I Protect My Coverage with a Life Insurance Rider If I Become Disabled?

A rider, called a Waiver of Premium, will provide payment for premiums after six months of a disability. Payments for insurance premiums will continue as long as you are disabled, or for a set period of time if stated in the terms of the policy. This rider is available up until age 55 from most companies at additional cost. Coverage usually ends at age 60.
What other types of Insurance Riders are there?
There are typically several types of insurance riders available.
  1. Waiver of premium rider - With this rider, you don't have to pay the premium if you become totally disabled and can't work.
  2. Term conversion rider - Term life provides coverage for a certain period of time. A permanent life policy, such as whole life or universal life, provides coverage for your entire life, so your beneficiary receives a benefit no matter when you die.
  3. Accelerated death benefit rider - This 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.
  4. Critical illness rider - The insurer pays a lump sum if you're diagnosed with one of the critical illnesses specified in the insurance policy. Instead of reimbursing you for medical expenses, the way health insurance does, the rider provides money to use for any purpose during the course of treatment.
  5. Child protection rider – This term life insurance rider provides coverage for final expenses in case the unthinkable happens.
  6. Accidental death benefit rider - If you die from an accident, this rider provides an additional benefit on top of the policy's regular death benefit.
  7. Return of premium rider – Option to pay an additional premium so that if you live to the end of the term, in exchange for paying the premium, in most circumstances you get all your money back.
Ask if one of these Rider policies make sense for your personal financial plan.
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