Do You Need Additional Riders for Your Affordable Term Life Insurance Policy?

When you purchase an inexpensive term life insurance policy, you can add several rider options, including the Waiver of Premium Rider, Disability Income Rider, and Children Term Insurance Rider.  However, does your family really need this additional term life insurance coverage protection?

Waiver of Premium Rider

Even with affordable term life insurance, you typically have the option to add a Waiver of Premium Rider.   By paying an additional premium, you obtain protection should you befall a debilitating disability.  If you become permanently and completely disabled, all of the remaining premiums on your discount term life insurance policy will be waived until you are 65 years old – meaning that even though you cannot work nor pay for the premium, your family is still protected against your death.

Should you purchase the Waiver of Premium Rider?  This depends upon your risk factor.   Do you have a risk of becoming disabled due to your work environment?  Or do you participate in high-risk recreational activities?  If you have a moderate risk of becoming permanently disabled, then purchasing the extra Waiver of Premium Rider can ensure that your family is protected against your disability and death, even if you cannot work or earn income.

Disability Income Rider

Most affordable term life policies will offer you the option to purchase a Disability Income Rider.   For an extra premium, you can enjoy a monthly income benefit if you become disabled.  Typically, the insurance companies will pay you a monthly income for a two year maximum, giving you an opportunity to recuperate and begin working again.

The need for you to purchase a Disability Income Rider again depends upon your risk.  Are you engaged in activities, either personally or professionally, that may temporarily disable you?  Would you be able to generate other means of income should you become disabled?  If there exists a probability that you may be disabled, or perhaps be unable to generate income for your family, then you may want to consider adding this rider to your discount term life insurance policy.

Child Term Insurance Rider

Some parents may want to purchase coverage against their children’s death.  If you want to extend your inexpensive term life insurance to cover your kids, then purchasing a Child Term Insurance Rider can give you that additional protection.  Typically, you can insure your children between the ages of 15 days and 18 years, but the coverage will automatically expire when your children turn 25 years old.

Generally, a term life policy is meant to protect your dependents.  Considering that your children do not have any dependents to support, you typically do not need to supplement your term life policy with a Child Rider.  Even if they were to unfortunately pass away, you could still continue earning income and provide the rest of your family with the same standard of living.

When you obtain an affordable term life insurance price quote, you should check to ensure that they offer the additional rider protection you seek.  Not all insurance companies offer you the option of riders; some may offer several, while others will only offer one.  If there is one particular rider that is important to you, make sure that you have the option to add that protection to your term life coverage.