5 Riders to Consider in Your Life Insurance Policy

Life insurance policy riders can be vital tools for protecting yourself and your loved ones, adding extra value to your policy. There are many different types of riders, and all are designed to meet specific needs, allowing you to custom-build a policy to your unique circumstances. Many riders are incorporated into an insurance policy upon initial purchase, but some life insurance companies may allow you to add on riders throughout the duration of your policy. As always, consult with an insurance professional to determine which rider may be best for you.

Here are five of the most common life insurance policy riders you may want to consider to ensure you’re getting the most out of your policy:

1. Long-Term Care Rider:

Life insurance with a long-term care rider enables you to draw upon your policy’s death benefit long before you pass away. You can use the funds for assistance with care, such as paying for a home-care nurse or for living expenses at a nursing home or assisted care facility. Typically, eligibility requirements mandate that policyholders be unable to perform a number of daily tasks by themselves, such as dressing or eating. This type of rider can be an effective way for policyholders to avoid having to drain savings or retirement plans and also ensure they can benefit from their policy while still alive.

2. Living Benefits Rider:

This type is another of the life insurance policy riders that allows you to access your death benefit before you pass. In order to qualify, you usually have to have a chronic or terminal illness; if approved, you can use the funds for end-of-life care and other expenses. Another option is Life Credit’s Living Benefit Loans, which allow you to borrow against your policy’s death benefit to cover care and other costs.

3. Disability Income Rider:

This rider provides policyholders a portion of their monthly income in the event they become disabled. Such an option can provide significant financial assistance if you suffer an illness or injury, allowing you to keep your finances on track while you’re out of work and recovering.

4. Critical Illness Rider:

Such a rider provides a lump-sum payment of a portion of the death benefit if the policyholder is facing a critical illness. The range of illnesses typically covered can include cancer, heart attack, stroke or chronic conditions such as Alzheimer’s.

5. Accidental Death Benefit Rider:

If the policyholder dies because of an accident, this rider will provide the beneficiaries additional money in the death benefit. While no family is ever fully prepared for the loss of a loved one, an unexpected death such as in a car accident can be especially impactful on the surviving family members’ finances, and this rider aims to ease that burden.

Do you need money to pay for cancer treatment or medical bills from a serious illness? Ask Life Credit Company about how to qualify for a Living Benefit Loan! Call us at 888-274-1777 or contact us online today.