What Is the Importance of Riders in Life Insurance?

Why are Riders in Insurance so Important?

What Are the Most Common Riders Available in Life Insurance?

What are the Things to Keep in Mind While Choosing Riders?

FAQs About the Importance of Riders in Life Insurance

Can Riders be Added to a New Insurance Policy? up-arrow

Yes, you can add riders to a new insurance policy to get the most out of an insurance policy. However, you should only select relevant riders to avoid extra costs on your policy.

What is a Family Rider in Insurance? up-arrow

Family rider or family income rider in insurance is an add-on benefit which pays out your insurance cover in monthly instalments like salary to your family in case of an unfortunate death. Similar to a family rider, you can add a spouse rider and other similar riders to your policy.

Who is a Rider Beneficiary? up-arrow

A rider beneficiary is a selected nominee for an insurance policy who receives the insured amount in case of the policyholder's death. A beneficiary can be nominated while purchasing a policy or added later.

What are Exclusions in an Insurance Policy? up-arrow

Exclusions are those cases for which the insurer or insurance company does not provide any coverage. Some of the most common exclusions in life insurance plans are:

  • Suicide

  • Criminal and legal activities

  • Pregnancy and childbirth

  • Natural calamities and war, etc.