You’ve figured out how much life insurance you need, how many years you need it, how much you can spend and what type of policy best fits your situation.
But your homework isn’t finished yet. Now an array of life insurance policy add-ons, called riders, must be considered.
“Riders can give policyholders additional benefits and increase peace of mind that if something goes wrong, there’s a Plan B,” says Shelley Fiore, an agent for Detroit Financial Group, a general agency of the Massachusetts Mutual Life Insurance Co.
When you buy life insurance, available riders vary by insurance company and policy, as do the rules for how they work. Costs also vary and depend on many factors, including your age, health and type of policy. We can’t list every option available, but here are some of the most useful riders.
In case you become totally disabled
1. Waiver of premium rider
With this rider, you don’t have to pay the premium if you become totally disabled and can’t work.
