The additional benefits that can be bought and added to an insurance policy are the ones referred to as Riders. These are the options that allow you to increase your insurance coverage or they can limit the coverage set down by the policy. According to your present and future insurance needs the insurance riders can be blended at an additional cost. To buy a rider means paying an extra premium for the supplementary benefit, but this premium is generally low because very little underwriting is required.
Guaranteed Insurability Rider
With this rider you can purchase additional insurance coverage along with your base policy in the stated period as it allows without necessarily need for further medical examination. This is the most beneficial rider when there is a significant change in your life circumstance like marriage, child birth or any increase in your income. It also has an advantage if your health declines due to increasing age as you will be able to apply for an extra coverage without giving any evidence of insurability.
Accidental Death or Double Indemnity Rider
This is the rider that pays additional amount of death benefit if the insured may die as a result of accident. The additional benefit which is paid out upon death due to accident it is equivalent to the amount of the original policy and doubles the benefit. The insured family upon death due to bodily injury gets twice the amount of policy being the reason why this Rider is called double Indemnity. Before you take this policy make sure you understand the restrictions as many insurance companies limit the meaning of the term accident.
Waiver of Premium Rider
The future premiums are waived off under this Rider if the insured loses his or her income as a result of injury, illness prior to a specified age, or becomes permanently disabled. Until the insured is ready to work again he or she is exempted from paying the premium due on the base policy by this Rider. When the premiums on your policy are high this Rider can be very valuable. The term totally disabled will vary from different insurance companies so be aware.
Accelerated Death Benefit Rider
If the insured is diagnosed with a terminal illness that may shorten considerably his or her life, he or she can use the death benefits of this Rider. The insured can be advanced 25 – 40% of the death benefit of the base policy, but the insurance company may subtract the amount you may receive plus interest from what the beneficiaries may have received on your death.
Before buying insurance make sure you understand the provision first as this may a process which is complicated and confusing and let it be your responsibility. Many insurance companies may not give the liberty to the person who want to be insured the liberty to modify the insurance policy according to individual needs, but the insurance riders give empowerment to the much needed control over your changing life situation. Let the insurance advisor to evaluate the rider benefits that will best fit you. In case you need any information you can use dvla contact to get the needed information.