Best term life insurance endorsements.
When it comes to life insurance, many people rely on term life policies. Term life insurance is the most popular form of life insurance coverage because it is straightforward and very affordable. However, term life policies do not always offer all the coverage that you need. This is why many insurance providers also offer policy riders that expand your coverage options. Here are some of the best term life insurance riders that you should consider adding to your policy.
- Disability Waiver of Premium Rider
This waiver ensures that your policy is not automatically canceled if you cannot pay your premium due to a disability. This rider has your insurer temporarily waive your periodic premiums if you are totally disabled and unable to work. While the terms of this rider are different for every insurance company, most will specify the length of time that the disability waiver will be in effect and will also typically have an age limit for when this rider is applicable.
- Accidental Death Benefit
When you secure an accidental death benefit, it ensures that your insurer will pay a higher death benefit if you die as the result of an accident. While every insurer will have their own guidelines for this coverage, many will offer up to two times your normal benefit in the event of accidental death.
- Return of Premium Rider
While this is the most expensive policy endorsement available, it is a smart investment for young policyholders. With this rider, your insurer must return all the premiums that you paid to them if you outlive your insurance term. The additional cost of this rider is typically between 40-60% of your base premium. However, if you do outlive your term, then you get a tax-free lump sum from your insurance provider that you can use in any way that you want.
These are some of the best term life insurance policy riders that you should consider. Do you have additional questions about your term life insurance? If so, then contact the experts at Weeks & Associates Insurance Services in Thousand Oaks, California. We are ready to get you the coverage that you need today.