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What Are Insurance Riders?

When it comes to life insurance [1], not all policies are “one size fits all.” While many policies are presented that way, occasionally there is room for additional riders.  An insurance rider is a provision that is added onto your insurance policy to provide extra coverage. These riders [2]aren’t available for all types of life insurance though, so if you’re interested in adding them onto an existing policy, make sure to ask if they are available and how much they’ll cost. Let’s look at this a little deeper.

What Are Some Common Insurance Riders?

While the options for insurance riders aren’t endless, there are many that policyholders find worthy of adding onto their policies. They can cover a range of incidents from illness to adding on a family member.

How Much Do Insurance Riders Cost?

Even if riders aren’t part of a standard policy, that doesn’t necessarily mean that they’ll add to your monthly premium cost. For example, a children’s term rider may only add around $5 or less to your bill, but an entire policy for your child could cost around $50-70, according to PolicyGenius [3].

However, other riders that will cost the life insurance company money no matter what can increase your premium significantly, like the return of premium rider. So, be sure to look into that before you get your policy. If you already have a life insurance policy, talk to the company it’s with and ask if you can add on these additional riders, as well as how much they’ll cost.