Life Insurance Riders


 Q. Due to some accident or illness I may not die, but at the same time I may not be in a position to earn any more. How can I cover such risks?

 A. There are two ways to cover such risks - you can either take 'riders' or standalone policies.

Riders can be taken at the time of buying a life insurance policy or can be attached later, depending on a company. In other words you cannot buy riders separately if you do not have a life insurance policy. Some common riders are - accidental death benefit/ permanent total disability rider, critical illness rider, waiver of premium rider etc.

Benefits of these riders are similar as their names suggest. In case of critical illnesses, mostly lump sum amount is paid at the time of diagnosis. If there is loss of income due to accidental disability or critical illness - future premium payments for the base life insurance policy will be waived off, if 'waiver of premium' rider is taken.

Riders are very much affordable but can be restrictive at times with respect to maximum cover amount one can ask for as that depends on the base life insurance cover. At such times one can consider taking separate Personal Accident or Critical Illness policy as that offers more flexibility at a higher premium....SANJAY YADAV 
Financial Advisor
Insurance & Investment
M - 9890662895
E-mail: sanjaylic@gmail.com OR info@sanjayfinancial.com
Web : www.sanjayfinancial.com , http://sanjay.prudentcorporate

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