Riders are additional features or benefits you can add to your life insurance policy to customize coverage according to your needs. These optional add-ons can provide extra protection or benefits, such as accelerated death benefits, long-term care coverage, or a waiver of premium if you become disabled. Understanding riders is crucial because they can enhance the value of your policy and offer additional security for you and your loved ones.
When selecting a life insurance policy, considering which riders may be beneficial for your situation can help tailor your coverage to better meet your needs. However, keep in mind that adding riders may increase your premium, so it’s essential to evaluate their cost-effectiveness.
Hutch put together a 5-min video explaining all of Whole Life’s Riders and growth mechanisms.