Also Readable: Whole Life Insurance- How It Works
When did you fall sick last, requiring you to see a doctor and have a few tests? Before you could heave a sigh of relief and say gratefully, “Thank God, I am safe! ” you must have noticed you have gone through a world of worries. Those worries had both centers and sub-centers, each dominating reciprocally the other.
What is a term insurance policy?
You should not be carried away by advertisements. The benefits are to be validated. Guarantees work only when they get validated as par the contract made between you and your insurer.
A rider is an add-on or extension to a policy. It may be metaphorically said that it is like getting an extra tyre to your newly bought Sedan. However, there is a difference. When Sedan offers it for free, your policy does not do so. It sells it to you as a product. So a rider is an add-on to an original insurance plan. Insurers offer different riders for their customers to choose from according to their requirement.
What are the usual riders?
Despite the generally popular notion that term insurance covers only death, insurance companies are offering:
How should I know if I need term life insurance or not?
What is your advice for term life insurance?
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Recommended Reading: Whole Life Insurance- Types, Pros and Cons