Did you know you may be able to add features to your life insurance that allow you to customize your policy? Life insurance riders are add-ons to a policy that you can use to personalize your life insurance to better suit your needs. Although some life insurance riders may increase your premiums, others may be added for no additional charge. Riders may be a cost-effective way to get the life insurance coverage you need without having to buy an additional policy.
When Is the Best Time to Add or Drop a Rider to Your Life Insurance?
The best time to add a rider is when you purchase your life insurance policy. If you decide to add one at a later date, you will probably be required to go through underwriting again with a second medical exam. It is far better to add the riders you want at the beginning of the policy. On the other hand, you may drop a rider from your policy at any time simply by completing a form.
What Options Are Available for Life Insurance Riders?
There are many