Life insurance is an invaluable tool that can help your family receive the financial support they need should you pass. But while the concept of life insurance is straightforward, the reality is that, like many other forms of insurance out there, life insurance can be customized to better support your unique needs. This is made possible with the wide range of life insurance riders and add-ons. But what exactly are these additions, and what do they do? If you’re looking to enhance your coverage in NYC, let’s take a closer look at life insurance riders and add-ons in the guide below.

What Are Life Insurance Riders?

Life insurance riders are additional benefits that policyholders can add to their life insurance to enhance their coverage or receive other customization choices that simply aren’t available with the original policy. Given that everyone’s life, risks, and needs are different based on unique circumstances, it makes sense to look for a customized plan that takes all of this into consideration and can be altered with riders to provide more bespoke coverage. Of course, it’s important to understand what you’re getting by adding life insurance riders to your coverage.

What Are the Benefits of Life Insurance Riders?

So, why should you consider adding life insurance riders to your policy? Some of the benefits of life insurance riders include:

  • Life insurance riders make your policy more flexible, providing you with the broader coverage you need to maintain your peace of mind so that your family is protected should anything happen to you.
  • They will allow you to do things otherwise prohibited by basic policies, such as taking money out of your life insurance should you need it for any other serious situation besides your passing.
  • You may be able to pay less money while getting the extensive coverage you need. The only other way to get full coverage without adding riders to your life insurance is by buying other forms of coverage separate from your current policy, which can add up quickly.

Of course, with the above in mind, it’s important to weigh the advantages and disadvantages of life insurance riders before going all-in. You don’t want to purchase unnecessary additions that you don’t need as this will only raise the price of your coverage without necessarily adding anything of value to it.

What Are Some Examples of Life Insurance Riders?

Knowing what you can add to your policy can make it significantly easier to shop for life insurance and life insurance add-ons with confidence. Here are a few examples that will help you get a better idea of how to expand your coverage successfully.

  • Accelerated death benefit riders are riders that can help you claim almost all or all of your death benefits if you need costly long-term care or are diagnosed with a terminal illness.
  • Family income riders are life insurance riders who are designed to provide your family with consistent income by paying out additional benefit installments monthly should you pass.
  • Cost-of-living riders are extremely useful riders that are designed to gradually increase the value of your death benefit so that your investment isn’t losing value due to inflation over time.
  • A waiver of premium disability rider is a type of rider that’s designed for those looking to purchase life insurance who are unable to make premium payments due to a disability that prevents them from working.

As you can see from the above, there is a wide range of riders that can make it easier to get coverage that’s customized for your life.

Shop Life Insurance Now With Margolis & Associates

If you’re looking for the best life insurance company in NYC and surrounding areas, look no further than Margolis & Associates.  Get in touch with us at 212 684-0711 today!