Life Insurance Riders: What You Need to Know

Aflac: One aspect of life insurance you might not be as familiar with is life insurance riders. Depending on your circumstances, choosing to add one to your life insurance policy might be a good way to supplement your coverage.

Before choosing a life insurance rider, it's helpful to understand what they are, what types are available, and the benefits of getting one. Here's everything you need to know about life insurance riders.

What life insurance riders are

A life insurance rider is an add-on you can get with your policy that provides supplemental benefits or coverage. They're typically associated with permanent life insurance policies. In many cases, getting a rider on your policy will require you to pay an additional cost. Fortunately, the extra cost added to the premium is usually low since there isn't much underwriting required. 

Types of life insurance riders

There are a variety of riders that can potentially be suitable for your current life circumstances, including:

Waiver of premium rider

A waiver of premium rider allows your premium payments to be waived if you become critically ill or seriously injured. Keep in mind that there may be age and health requirements to qualify for this policy clause. For instance, those who have a pre-existing condition or are already physically impaired won't be able to get this rider. 

Waiver of premium riders usually have a waiting period where you can't claim the benefit. If you do get seriously injured during the waiting period, you may receive a complete refund of your paid premiums. 

Accidental death benefit rider

With an accidental death benefit rider, your beneficiary can receive an additional payout if you pass away as a result of a covered accident. Your family will receive the coverage amount on the policy plus the rider. This extra money can go towards helping replace your income and help cover your final debts. If you're under the age of 65, this rider may not require a medical exam to qualify.

Accelerated death benefit rider

An accelerated death benefit rider allows you to use your policy's death benefit if you're diagnosed with a terminal illness. You'll be required to prove to your insurer that you're terminally ill. 

If your accelerated death benefit is activated, you may be able to use up to 100% of your death benefit, depending on your policy. You're free to use the benefit on anything from helping pay your medical expenses or helping cover your travel. Any portion that's left over after your death will be paid out to your beneficiaries. Keep in mind that you'll still need to pay your premiums while you're living in order for your beneficiaries to receive the remaining benefit.

Benefits of getting a rider

With a life insurance rider, you can easily customize your policy based on your unique needs. The main benefit of a rider is that it covers life events that aren't covered in your standard policy. Whether you get a chronic illness or a terminal illness, there are ways you can receive additional coverage and provide financial security for you and your family. Consider researching different life insurance riders to see if there's one that might be worth adding to your policy.

This is a brief product overview only. Coverage may not be available in all states including but not limited to ID, NJ, NM, NY, or VA. Benefits/premium rates may vary based on plan selected. Optional riders may be available at an additional cost. Policies and riders have limitations and exclusions that may affect benefits payable. For costs and complete details of the coverage, please contact your local Aflac agent. In Arkansas, Idaho, Oklahoma, Oregon, Pennsylvania, Texas, and Virginia, Policies: ICC1368100, ICC1368200, ICC1368300, ICC1368400 and Riders: ICC1368050, ICC1368051, ICC1368052, ICC1368053, ICC1368054, ICC1368055.

Aflac insurance coverage is underwritten by Aflac. In New York, coverage is underwritten by Aflac New York. 

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Aflac Inc. is an American insurance company and is the largest provider of supplemental insurance in the United States. Aflac offers voluntary insurance or an optional layer of financial protection.

Source: Aflac

About Aflac

Aflac Inc. is an American insurance company and is the largest provider of supplemental insurance in the United States. Aflac offers voluntary insurance, or an optional layer of financial protection.


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