Benefits of life insurance riders
You can make your life insurance policy even more beneficial to you and your family by adding life insurance riders, or endorsements:
Disability income rider — Provides you with a monthly stipend if you become unable to work. This rider can serve as an alternative to long-term disability insurance, though it’s less robust and doesn’t last as long as long-term disability coverage.
Disability waiver-of-premium rider — If you become disabled, you can keep your life insurance policy and have your payments waived until your disability ends.
Term conversion rider — Allows you to convert your term life insurance policy into a permanent life insurance policy.
Accelerated death benefit rider — If you’re diagnosed with a terminal illness (less than 12 to 24 months to live, depending on the state), you can get all or part of the death benefit paid out before you die. While this can support your end-of-life care, it could leave your survivors with a lower death benefit.
Long-term care rider — Takes money out of your death benefit to pay for long-term care, such as a nursing home.