You may not know this, but maintaining coverage on your present life insurance policy is equally important as having a regular life insurance in the first place. Additional life insurance coverage is an example of an insurance rider. Insurance riders are important as they can be used to alter your life insurance coverage to make it fit your changing needs.
As you may already know, insurance premiums could vary among insurance companies. This could be up to 50% and this is actually for the very same insurance coverage and the options provided. It is therefore very important for you to do your research and study the offers of several reputable companies if possible.
Before you think of purchasing another policy, you may be better off to just make changes to your existing one by adding a rider. Normally, a rider can supplement your presently active life insurance policy as more coverage is added to the existing one. You should also know that you can use a rider to eliminate the coverage that is outlined by the insurance policy.
When you add or remove coverage, your premiums will likely increase and or decrease as well. Because of this, you should be careful before you make a final decision and choose a rider that makes your coverage really worth the extra money you’ll be paying.
When you eliminate coverage that you don’t need, you’ll be effectively reducing costs. So if you’re interested in an insurance policy which is very
Accidental death, waiver of premium, family income benefit and guaranteed insurability are some of the very important insurance riders that you may want to consider.
If you have questions regarding your existing insurance policies, be sure to give us a call as we’d be happy to answer any questions you may have.