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What makes the best Term plan? Is it the price? Or would it be the coverage? How about brand image and value of your insurance service provider? As you could see, it is difficult to zero in on any one factor to identify as the stand-alone factor that makes the difference between the best and the rest. It is a combination of them all, along with the ability for you to customise your term plan that would make it the ideal protective instrument for you. And that is the role that Riders have to play.
Riders refer to the set of terms, options and provisions that you could attach to a standard insurance Policy to customise it. Insurance is not a one-size-fits-all market, since each individual is unique, and every set of circumstances tends to be different. Riders make it much more targeted, appealing, and fruitful.
Given the nature, scope of coverage, and risks associated with individuals and their peculiar circumstances, it is important to consider which riders would go with your policy to make it the best term plan for your needs and requirements. Here is a list that would help you make the right decisions and opt for the optimum coverage.
Critical Illness Rider This is particularly helpful for people who may have been diagnosed with serious or terminal illness situations, where treatment may be associated with hefty medical bills. If one were to undergo such expensive treatment, use of this rider would make some of the funds in the insurance kitty available for treatment. While this would reduce the amounts payable to the survivor, it could certainly come in handy if one were to benefit greatly by financial benefits for such treatment.
Accidental Death Benefit Rider: One could make the most of their term plan if their circumstances involved considerable risks, as in the use of potentially dangerous equipment at work, or on any other regular basis, as in the case of commuting. This rider provides for appropriate compensation, and in some cases, doubling of the amount payable, if death were to occur on account of being exposed to such hazards, making for the best term plan.
Waiver of Premium Rider: This addition to term plan would be particularly useful for those who would want their premium to be waived for a specific period, if they were to be injured or if they were unable to work due to physical or health reasons. In effect, this provides relief for the family of the person from being burdened with insurance premiums under such distressing circumstances.