• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
WittySparks Logo White

WittySparks

Ignite Your Thoughts

  • Topics
  • Reviews
  • Newsletter
WittySparks / Health and Healthcare / Term Insurance riders – what you need to know

Term Insurance riders – what you need to know

Updated: May 23, 2023 by Nishitha • 2 min read

Medical and Health Insurance Claim Form

Term life insurance is an insurance product, which offers a death benefit to the nominee in the event of the insured person’s sudden death during the stipulated period.

Every one of us always wishes to have a single insurance policy that will provide us with multiple benefits besides its core offering that’s here death benefit.

You can get a term plan with extra benefits by paying an additional amount for it. However, many of us think about why to pay more. Remember, those extra privileges or benefits strengthen a term plan, and you just need to spend a few extra bucks. Riders add extra value to your term plan.

A Term life insurance policy provides financial protection in case of the untimely death of an insured person. However, life is uncertain, and there can be other untoward events that can lead to financial loss. In such a case, riders can prove to be beneficial to provide financial security to face such situations.

Riders available for term insurance:

  • Accidental death and dismemberment
  • Critical illness
  • Accelerated sum assured
  • Waiver of premium
  • Partial and permanent disability

Various insurance companies offer different riders and different benefits. So, you need to make a well-educated decision and choose riders carefully. Let us have a look at some of the important riders mentioned above –

On this page
  • Accidental Death Rider
  • Critical illness

Accidental Death Rider

The accidental death term rider offers an additional sum assured in case of the untimely death of the insured person due to a road/car/bus accident. So if a person buys a term policy of 60 lacs sum assured with an accidental rider of 20 lacs, then his nominee will get 60 lacs in case the death that is not because of an accident and 80 lacs in the event of mortality due to an accident.

So, in short, this rider gives a supplementary sum assured in the case of death happening due to any accident. A low premium is charged in the case of this rider, as the accidental death benefit rider provides the insurance cover.

Critical illness

Some illnesses make a person incapacitated temporarily or permanently. A person is not able to work after suffering such an illness. Higher medical costs are needed for treating these illnesses. Further, a person may face financial loss because of the financial burden of treatment and loss of earnings.

The critical illness rider provides benefits to the insured person in such a case. Some of the most common critical illnesses include cancer, heart attack, paralysis, coronary artery bypass surgery, or major organ transplants like the pancreas, heart, liver or lung, etc., kidney failure, and Stroke.

The term insurance riders surely prove to be beneficial when eventualities like the ones mentioned above are considered. It is true that we cannot prevent some incidents from happening. However, we can plan ahead and be prepared to face such eventualities. Insurance riders are an essential aspect of such planning.

It is essential to understand the concept of riders and how it provides you with benefits. Also, you need to choose riders carefully so that you get the benefits and can provide financial security for your family in case of unavoidable situations.

Related Topics

  • 8 Reasons Hospitals Shouldn’t Ignore IoT
  • 10 Things You May Not Know About The ABHA Card
  • How to Diagnose and Treat Gestational Diabetes
  • The Internet of Things: A Revolution in Healthcare Sector
  • Menopause and Chronic Health Risks
  • How to Apply for Medicare in a Few Simple Steps

Topic: Health and Healthcare

Previous Post: « Avoiding Common Restaurant Pitfalls
Next Post: The Ultimate Tools List for a Graphic Designer »
Profile picture for Nishitha Article by

Nishitha

Co-founder of WittySparks
WittySparks Staff

I am done with my Physiotherapy Graduation. And I always try to share Health and technology tips with people. Apart from Physiotherapy and being a tech savvy, I do explore more on Technology side and I keep sharing my findings with wider audience.

View all posts by Nishitha

Primary Sidebar

Featured Productivity Software

Notion logo
Notion

Notion Workspace can help you stay organized, get started today, and take your productivity to the next level.

Try Notion for FREE

And take this Notion Masterclass by Ali Abdaal for FREE by using coupon code WITTYSPARKSFREE.

The Best Digital Marketing Tool

Semrush logo
Semrush

Grow your business on your terms and get to the top with 55+ marketing tools in 1. Get a flat 40% discount on Semrush Guru plan or Try 14-day PRO Trial.

Try Semrush for FREE

Footer

Explore Topics

  • Technology
  • Business
  • Marketing
  • SEO
  • View All Topics

Sponsors

Partnered with FreePik to use the licensed images.

turn to dhgate for smartphone

Affiliate link disclosure

If you make a purchase from WittySparks links, we will receive a small commission. See our Affiliate Disclosure.

Follow Us

  • Facebook
  • Twitter
  • Pinterest
  • LinkedIn
  • Instagram
  • YouTube
  • RSS
  • Mastodon

Copyright © 2023 WittySparks - All rights reserved.
Hosted on Rocket.net

  • About Us
  • Contact Us
  • Privacy Policy