Life insurance riders are optional add-ons that customize your policy. Some are genuinely valuable; others are rarely worth the extra premium. Here's a breakdown.
Worth Considering
Waiver of Premium Rider
If you become disabled and can't work, this rider keeps your policy in force without requiring premium payments. Highly recommended - the cost is minimal and the protection is significant.
Accelerated Death Benefit Rider
Allows you to access a portion of your death benefit if diagnosed with a terminal illness. Many policies include this at no additional cost. Check if yours does.
Conversion Rider (Term Policies)
Lets you convert a term policy to a permanent policy without a medical exam. Built into most term policies - make sure yours has one.
Child Term Rider
Adds small amounts of life insurance ($10K, $25K) for each of your children at a very low cost ($5 to $10/month total). Provides coverage for funeral costs and locks in their insurability.
Situationally Valuable
Return of Premium Rider
If you outlive the term, you get all your premiums back. Sounds great - but it typically doubles the premium. The math often doesn't work out better than investing the difference.
Long-Term Care Rider
Allows you to access the death benefit for long-term care expenses. Can be valuable if you can't qualify for standalone LTC insurance.
Usually Not Worth It
Accidental Death Rider
Doubles the death benefit if death is accidental. Sounds good, but your family's financial need is the same regardless of how you die. Better to buy adequate base coverage.