Why Must You Add Riders To Your Term Insurance Plan?
Term insurance has become the best savings plan for individuals. It is the best policy to cover the financial needs of your family when you are not around. There are plenty of benefits that you can avail from this amazing insurance plan. Whether it is lesser premium rates or the death benefits, you will always find this plan better than the others.
One of the significant highlights of term insurance is its additional coverage options, which are also known as riders. These add-ons are extremely helpful in extending the coverage of your plan. But the question arises, whether you need riders or not. There are two perspectives to adding riders to your plan – first, whether they make the planned complex and second, whether they make your plan even more elaborated.
Here are a few impactful yet straightforward reasons why you must add riders to your plan to avail more benefits:
#1 Add-ons are Beneficial at the Time of Need
The basic term plan will always remain basic and provide the set coverage at the right time. But these add-ons will help you in uncertain situations. Suppose you met with an accident that leads to permanent disability. In such a situation, if you have taken the accident disability coverage or waiver of premium at the time of disability, it can turn into a blessing in disguise for you. Due to the add-on, you will get the assured amount you have set for the treatment’s additional disability coverage.
#2 Cheaper Compared to Standalone Policies
Indeed, the add-ons available with the term insurance can be brought as standalone policies – for instance, health insurance. When compared to the individual policies, these riders are much cheaper and pocket friendly to afford. Take an example of critical illness add-on. If you buy health insurance for critical illness, you will have to pay a higher premium, whereas buying it as an add-on will not burden you extremely and come at a cheaper rate.
#3 No Need for Medical Check-ups
If you have taken any health insurance earlier, you would know that you have to go through a series of medical check-ups in order to make yourself eligible for the policy. In case of a waiver of premium or critical illness add-ons, you don’t need to do a separate documentation process or go through check-ups. All you need to do is check the add-ons you need, and the premium will be decided accordingly. Add-ons make everything simplified for you.
#4 Some Riders are Unique
You need to understand that not all riders of the term insurance are not available as standalone policies. Some are unique and exclusively offered with the term plan online. For instance, the accidental disability is not offered as a standalone insurance plan; you can only avail it as an add-on. Waiver of premium is also exclusively available with the term insurance policy. So, add-ons are always brownie points for you.
Whether you choose to add the riders or not, it totally depends on you. But adding them to your basic plan will certainly increase your policy’s value and offer you coverage during the uncertain events.