What are life insurance riders and are they worth it?

Riders are optional add-ons that customize your life insurance policy beyond the base coverage. They allow you to tailor protection to your specific situation, often at a modest additional premium.

Commonly available riders include: the waiver of premium rider, which keeps your policy in force if you become totally disabled and cannot pay premiums; the accelerated death benefit rider, which allows you to access a portion of your death benefit early if diagnosed with a terminal illness; and the guaranteed insurability rider, letting you purchase additional coverage at designated life events without new underwriting.

For families with children, a child term rider adds coverage for all children under one policy at a low flat cost. Long-term care riders allow you to use the death benefit to pay for nursing home or home care expenses if needed.

Whether a rider is worth the cost depends on your health, budget, and risk tolerance. Riders add value when the scenario they cover is realistic for your life. An agent in our network can explain which riders are available on each carrier's products and help you weigh the cost versus benefit.