- About Coverfox
Thinking of ways to boost your life coverage plan to support your dear family? You need protection riders! Add extra security to your plan, by paying a slightly higher premium.
Why Do You Need Riders in Term Insurance?
You may have always wished that you gain more perks from your term insurance policy (other than death benefit). Your wish may come true as your basic term insurance plan can be supplemented with additional privileges. For that, all you need to do is shed a few extra bucks.
Simply buying a term insurance plan will give you normal death benefit (the sum assured amount). But, having a rider offers you supplementary sum assured if you pass away due to an accident.
You meet with an unfortunate accident causing you to lose your arms or legs. Due to this, you are disabled for the rest of your live, and your livelihood is snatched from you. Regardless of whether you succumb or survive disabled in the accident, your family would equally be left in the lurch. Your financial burden needs to be borne by someone, right? That is exactly what a disability cover does. It covers that risk and substitutes your income for the family‚Äôs future.
Major illnesses like Cancer, heart attack, kidney failure, coronary artery bypass and paralysis can affect you temporarily or permanently. You would require higher medical costs and your financial worries can shoot up. Critical Illness Rider can compensate you with a lump sum amount if you are diagnosed with a medical illness that has been pre-specified in the policy.
You have been paying term insurance premiums, but due to disability, you stop earning and are unable to pay premiums for the entire term. Generally your policy expires and you gain no-death benefit due to non-payment of premiums. Thankfully, if you have this rider, then your premiums are waived off in the event of disability during the term of your premium.
Once you expire, how will the income generation for your family continue? This rider does the trick! Your family/nominee gets additional income for the next 5-10 years along with the sum assured amount.
If you are suffering from terminal illness, you miserable family would have to bear huge medical expenses for your treatment. With this rider, your will get partial advance amount of your sum assured when you are critically ill. If you have less than 12 months left to survive, the advance payment can be used for the treatment and costs required to stay alive. The remaining amount is paid to the family/nominee once you are no longer in this world to support your family emotionally and financially.
With riders, you can be assured of boosting your term insurance plan.
You can choose waiver of premium rider if you are looking for reduction in premium due to accidental disability. The permanent disability and accidental death riders ensure that your family doesn’t go into deep financial crisis once you are gone. While the accelerated death rider can reduce your family’s financial burden if you are suffering from terminal illness. Whichever rider you select, do not forget to read its terms and conditions before opting for one.
Why compromise with your loved ones when you can easily get term plan riders by shelling out a little extra? Give your folks an opportunity to remain financially stable. Let them live peacefully with your memories, regardless of whether you are around or not.
Discover term insurance riders. Get quotes from Coverfox.com