26 Sep 2019
parents and child walking through field

What additional coverages should you add to your term life policy?

Term life insurance is the most popular form of life insurance coverage.  As this type of policy tends to be the most affordable and simple type of life insurance, its popularity makes sense.  However, standard term life coverage can be basic and not quite enough to meet your needs.  This is why insurance providers allow you to add endorsements (also known as riders) to your policy so you can extend your coverage.  But which endorsements are the best?  Here are some of the policy riders you should consider.

  • Accelerated Death Benefit Rider

The accelerated death benefit rider is a living benefit rider, meaning that it allows you to access your coverage while you are living.  If you have this rider, then the insurance company will advance a portion of your death benefit if you have been diagnosed with a chronic or terminal illness.  This money can then be used to cover the cost of your medical treatment.  Many insurance providers offer this rider for free.

  • Disability Waiver of Premium Rider

This waiver ensures that your policy is not automatically canceled if you cannot pay your premium due to a disability.  This rider has your insurer temporarily waive your periodic premiums if you are totally disabled and unable to work.  While the terms of this rider are different for every insurance company, most will specify the length of time that the disability waiver will be in effect and will also typically have an age limit for when this rider is applicable.

  • Accidental Death Benefit

When you secure an accidental death benefit, it ensures that your insurer will pay a higher death benefit if you die as the result of an accident.  While every insurer will have their own guidelines for this coverage, many will offer up to two times your normal benefit in the event of accidental death.

These are some of the best term life insurance policy riders to consider.  Do you have additional questions about your term life insurance?  If so, then contact the experts at Patterson & Associates in Richardson, Texas.  We are ready to get you the coverage that you need today.