Everybody may not require the same kind of financial coverage from their life insurance policies. As needs differ, so do the features of your policy. Most life insurance companies in your state offer a variety of riders that you can attach to your policy depending on your individual requirements.
Accidental Death Benefit
If an insured person dies in an accident, the beneficiaries that are listed in the insurance policy will get additional benefits. This additional amount is usually equal to the face value of the original policy. So, the family gets double the benefit. This benefit is also called Double Indemnity Rider.
Accelerated Death Benefit
If an insured person is diagnosed with a terminal illness, this rider will allow the insured to use their own death benefit to pay off hospital and treatment bills. This can be an advantage for those who have either retired or their illness does not permit them to return to work.
Family Income Benefit Rider
If an insured person dies, their family will receive a steady income benefit for a certain number of years until they are capable of supporting themselves again. The number of years is determined by the insured at the time of purchasing the policy.
Waiver of Premium Rider
If a person loses his income due to a disability, injury or illness before a specified age, the insured person can use this benefit to waive off insurance premium payments. This is an advantage for those who are sole bread winners and are unable to support their family after their disability. At least, their policy will not default if they have this benefit attached to it.
You can find out what other riders are being offered by life insurance companies in your state and have them attached with your policy.