Total Insurance Blog

While shopping for life insurance you may have come across the term rider. You may have asked, “What is a rider?” Essentially, a rider is an addition to your life insurance policy that alters your policy’s coverage or terms. Riders added to your life insurance coverage usually increase your premium.

There are many different types of riders. Based on your needs, some riders could be beneficial to you and your family. Following are a few of the most common life insurance policy riders available:

• Waiver of Premium. Ever wonder how you would be able to continue paying your life insurance premiums if an accident left you disabled, and you were unable to work?

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A whole life insurance policy provides you with coverage for your entire life, rather than for a specified term (such as 10, 20, or 30 years). Whole life insurance provides your family with financial protection. In addition to insurance coverage, a whole life insurance policy has the added benefit of building cash value.

Cash value is considered the savings portion of your whole life insurance policy. Because of the cash value aspect, some consider whole life insurance an asset in an overall financial portfolio.

What Is Cash Value?

Cash value is the value that accumulates in your whole life insurance policy.

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Is a term life insurance policy after fifty the right decision for you? Sometimes we tend to associated term policies with younger families, big mortgages, and kids who need to be educated. If you are past that point, is this still the type of coverage you want to consider?

Of course, some of us wonder if we will ever be past this point. The plans we had to be financially secure at age 50 or 60 did not always work out the way we thought they would! Our kids did not move on our schedule, our homes got sold or refinanced, and our savings never grew the way they should have.

Why do people buy a temporary policy?

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