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What is a Life Insurance Rider?

If you need more coverage than a life insurance policy offers, getting a life insurance rider may come in handy. Riders can give you the chance to customize your coverage by adding benefits to your policy. Let’s take a closer look at how riders work so you can determine whether supplementing your policy makes sense for your needs.

What is a rider in a life insurance plan?

A life insurance rider offers optional benefits you can add to your life insurance plan. It’s designed to offer benefits or coverage you wouldn’t receive otherwise. You can use life insurance riders to help ensure your policy provides everything you’d like it to. While some riders can be added to your policy automatically at no charge, others can increase the cost of your premiums.1 Pricing for riders may depend on where you live, your coverage amount, and the insurance company you choose.

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Types of life insurance riders

There are many life insurance riders that may be available to you, including:

Accelerated-death benefit rider*

With the accelerated-death benefit rider, you can collect part of or all of the death benefit while you’re still alive if you get diagnosed with a terminal illness.2 These types of riders might also provide benefits if you experience a qualified life event – such as receiving an organ transplant, requiring long-term care or life support, or permanently move to a nursing home.1

Waiver of premium rider

A waiver of premium rider can cover your premiums if you’re unable to work due to a covered disability. Typically, you can only add it to a policy when you start your coverage, as long as you don’t have a pre-existing disability.1

Long-term care rider

If you have a chronic condition and can’t complete everyday tasks, like dressing, bathing, and eating, you may receive your death benefit with a long-term care rider. You can then use the money in any way you’d like.1

Accidental death & dismemberment (AD&D) rider

An accidental death and dismemberment (AD&D) rider provides benefits to your family if you lose a limb or pass away as a result of an accident.3 Some riders also cover paralysis and other injuries.

Family income rider

A family income rider disperses monthly payments to your beneficiaries upon your death. It’s intended to replace the income you provided.1

Cost of living rider

A cost of living rider will gradually increase your coverage so that it meets inflation. Premiums also increase with this type of rider.1

Benefits of getting a life insurance rider

Some of the most noteworthy advantages of a life insurance rider are as follows:

Additional coverage

If you don’t believe your policy offers enough coverage, a life insurance rider can be invaluable. You can receive the additional you need to financially protect yourself and your loved ones.

Options to fit most budgets

While some life insurance riders are free, others have benefits to fit most budgets. You don’t have to pay much more in premiums for additional coverage4.

Gives you added peace of mind

With a life insurance rider, you can feel confident that your policy suits your particular needs. Getting a rider will provide you with the customization you want.

How to add a rider to your life insurance policy

In many cases, you’ll need to add a rider to your life insurance policy when you first purchase it. However, there are exceptions to this rule. Depending on your life circumstances, policy, and life insurance company, you may be able to add riders to an existing plan.5 Consult your provider for details on which riders they offer and how to add them to your policy.

Which life insurance rider is right for me?

Your specific needs and personal situation will help you determine whether a life insurance rider makes sense. If you’d like additional coverage or feel your policy is missing an important benefit, riders are certainly worth exploring. It’s important to find out which life insurance riders at your disposal and how much they cost so you can make an informed decision.

Aflac offers life insurance policy riders

If you hope to customize your life insurance plan, life insurance riders should be on your radar. Aflac offers several life insurance riders with some plans, such as the accelerated-death benefit rider and waiver of premium rider, that you might want to explore. Start chatting with an agent today to discuss your options and personalize your coverage.

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