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Term Insurance 1836 views November 10, 2019
Term Insurance Policy is a pure protection plan which ensures the financial security of your loved ones in your absence. Life is highly unpredictable and the bad times always come without any prior notice. If you are the only earning member in your family, then any such mis-happening can bring your family under both financial and mental trauma. So, a term insurance policy is your back up plan to protect your family and loved ones from any such financial hardships.
A term insurance plan will provide financial cover for your loved ones in the form of lump-sum known as the Death Benefit. Now, if you are willing to enhance or boost this cover and support for your family this can be done by term insurance policy riders.
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Term Insurance policy riders can be said to an amendment that is made to the base term insurance plan which can boost the coverage provided by your term plan. Moreover, riders are said to be as add-ons or additional features that can provide you with comprehensive coverage. Riders are helpful to you in customizing your base term plan according to your needs. They will offer you additional benefits above the specified sum assured of your term plan. You can include riders into your base term insurance plan by payment of an additional amount of premium.
Let us have a look at the types of term insurance policy riders and the various benefits they offer.
The huge increase in the number of accidents occurring daily has become a great threat to life today. It has become quite necessary to enhance the financial security of your loved ones now. A general term plan would give only the death benefit but an additional feature i.e. an Accidental Death rider will boost the coverage.
Several critical ailments such as cancer, heart attack, paralysis, kidney failure, etc. can be reasons for your financial and emotional trauma. The treatment for these ailments is quite expensive and can drain out all your savings. So, a critical illness rider can be included along with your base term insurance plan for enhanced coverage.
The Permanent and Partial Disability Rider is quite helpful in those cases where you have suffered from some permanent or temporary disability due to an accident. Due to the accident and the disability, your work and income would be affected and your family would face a difficult time. This rider is your back up plan to deal with such difficult situations.
When you are paying your premium regularly, your term insurance plan is active. In case, you had an accident and suffer from some disabilities. There is a loss of income and you are unable to pay your term plan premium. The Waiver of Premium rider will help you in such an unprecedented situation.
The Accelerated death benefit rider is useful if you are suffering from a terminal illness such as AIDS, Cancer, Leukemia, etc. The medical costs for the treatment of such ailments are very high and it is quite difficult for a common man to afford these treatment facilities. So, an accelerated death benefit rider will be your savior in such a critical situation.
If you are the sole earning member of your family, then what about your family’s income after you pass away. The Income Benefit Rider will be helpful to you in such a situation.
Hence, term insurance policy riders are important but they are effective only when selected wisely. So, you should first understand your requirements, compare the policies with riders online and then select the most suitable ones. Moreover, you should also carefully study the policy document to understand the various terms and conditions associated with the term insurance policy riders.