Insurance Policy Riders

Additional coverage can be added to your existing life insurance policy by attaching what is know as a rider. Understanding this important and useful tool is necessary for redesigning your life insurance coverage to suit your needs.

This page:

  • Lists the most essential life insurance riders.

  • Gives insurance terminology definitions for each rider.

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Weighing the cost and the security

Instead of purchasing a life insurance policy that does not quite meet your requirements, we suggest you amend your policy by attaching an insurance rider. Typically riders supplement an existing life insurance policy with more coverage, but a rider can also be made to diminish the coverage outlined by a policy.

Keep in mind, though, that adding extra services to your life insurance policy may increase your premiums, sometimes substantially. Make sure the coverage is really worth the extra cost.

On the flip side, eliminating unneeded coverage is an effective way to reduce your cost. If you discover a life insurance policy you like, but it is too expensive for your budget, investigate the possibility of adding a rider to reduce the amount of coverage in an area you consider to be unnecessary.

Common insurance riders

Some of the most important life insurance riders include the accidental death rider, the guaranteed insurability rider, the waiver of premium rider, and the family income benefit rider. We think you should purchase a life insurance policy that include these riders if you can afford it.

Otherwise, read over the detailed insurance term definitions of each insurance rider below and determine, based on your own situation, which coverage you can do without and which ones you can't.


  • Renewal Provision
  • Spouse and Children's Insurance Rider
  • Withdrawal Provision
  • Accidental Death or Double Indemnity Rider
  • Waiver of Premium Rider
  • Family Income Benefit Rider



• Renewal Provision
(a.k.a. Guaranteed Insurability Rider) When included in your life insurance policy, this provision guarantees the policy's renewability at the end of its term. If you decide to renew your policy, you will not be required to provide additional proof of your insurability. In order to take advantage of this provision, you are often required to renew your policy within a set number of days - you have fewer days to renew as you get older. This insurance rider may also expire at a certain age.
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• Spouse and Children's Insurance Rider
An extra policy option that, for a higher premium, offers coverage for your spouse and/or your children.
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• Withdrawal Provision
This provision allows you to withdrawal money from your life insurance policy up to the amount of the cash value you have accumulated. However, in doing so, your life insurance policy is reduced by the amount you withdrawal.
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• Accidental Death or Double Indemnity Rider
Generally, the addition of this provision doubles your death benefit if you die from an accident. Often the policy will stipulate an age when this coverage will unconditionally expire. Before purchasing a life insurance policy with an accidental death rider, read over the terms and condition. Pay close attention to the insurance company's definition of "accidental", which is often times very restricted. Adding this coverage is relatively inexpensive and may prove to be quite invaluable. However, accidental deaths (especially by the insurance company's definition) are seldom. So, if you want to lower your costs, forgoing accidental death coverage is ideal.
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• Waiver of Premium Rider
This extra insurance rider protects your insurance policy from being canceled in certain situations, even if you are unable to pay the premium. Most policies limit the age you can use this rider to being older than 65. If, after you turn 65, you become disabled and are disabled for longer than six months, your premiums will be waived. Usually, the premiums you paid during the six months of disability will be reimbursed, but it depends upon the life insurance policy. Once you are no longer disabled, you are required to resume your premium payments as before. The definition of being disabled varies from policy to policy so read over your insurance company's guidelines. Find out what qualifies as being disabled and how long you are able to retain your policy without paying the premiums. Become familiar with all the details, restrictions, and responsibilities outlined within the policy before agreeing to the extra cost.
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• Family Income Benefit Rider
This insurance rider guarantees your family will continue receiving your monthly income if you die. When purchasing a policy with this provision, you choose a length of time you would like to provide this security to your family. As you grow older the duration will decrease and eventually expire. Depending upon the situation, your beneficiaries can choose to receive the amount in a lump sum instead of in monthly increments. This is an invaluable life insurance supplement for families with one income source. In the event of the salaried individual's death, the family will not suddenly be cut off from all sources of income but, instead, will be able to depend upon reliable monthly payments of your death benefit.
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For more help . . .

Getting the lowest possible premium on your life insurance is almost like an art form. There are many variables to consider, and to get the right balance of term length, benefit amounts, and policy riders and illustrations, you need to take a careful step-by-step approach to the buying process.

Our free life insurance course is designed to help you do just that.

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