You can purchase different rider along with your life insurance policy depending on your needs. A rider not only enhances your policy but is also extremely helpful to you from a financial point of view. Hence, you must purchase a rider based on your needs.
Having financial safety is very important for an individual, and life insurance is one of the most important tools which can help contribute towards achieving that.
Anyone who financially supports a family member (dependent) automatically becomes an ideal candidate for purchasing a life insurance policy, the basic purpose of which is to provide financial protection to your loved ones in case of your sudden demise.
Speaking of life insurance, it is something which varies depending on the individual's needs. Different individuals have differing financial situations and requirements, which further affect their life insurance needs as well. The amount of cover that Mr. A needs, may be drastically different from what Mr. B may need, considering that Mr. A has far more in assets than Mr. B. One of the most important aspect which can help enhance the value that a life insurance policy provides to the policyholder, is, the add-on rider.
Riders can be simply defined as coverage enhancements which one can opt to take over and above their base life insurance plan, to increase the scope of its coverage. Add-on riders can be taken at the time of purchasing a policy, or even at the time of renewal. The premiums charged for these riders are over and above the base plan premium.
Under life insurance, policyholders have plenty to choose from in terms of add-on riders to enhance the coverage provided under their base plan. Here are some of the most popular add-on riders which are commonly offered by insurers.
If you are looking to enhance the protection which your life insurance plan currently provides, getting an add-on rider is the ideal option. With many insurers now offering a wide range of add-on covers over insurance plans, you have plenty of options to choose from.
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