From a young age, we are used to planning for the future. We envision a lifestyle and work hard to get there. Throughout this process, we make countless decisions hoping for the best possible results. It is valid for even the smallest things in life. For instance, when you are buying a home appliance or a car, you analyze the decision thoroughly against certain factors. Does it give you the solution to your problem? Can it provide the optimum level of quality and security? Anything other than the best is unacceptable.
When it comes to the financial aspect of your life, it is especially true. The expenses and investments have a substantial impact on you and your loved ones. While you make careful and calculated investment decisions, it is essential to remember that a family’s financial requirements are subject to change with time. Investments in financial instruments such as online term insurance plans must be analyzed from time to time to ensure they are well suited to the needs. Riders are an excellent way to strengthen your term life insurance. They function like an attachment that maximizes the coverage by offering additional benefits to the policyholder.
There are quite a few riders available to boost your online term insurance plans. Let’s have a look at some of them:
1) Accidental Benefit Rider
Accidents can obstruct the fulfilment of your goals in life. They can cause a massive dent in your savings and set you back a considerable amount of time. A term plan with an accidental benefit rider will allow you to avoid such a situation. It will enable you to safeguard your family’s financial future in case of an unfortunate incident. Most insurance providers allow policyholders to add this rider during or post the purchase of the term plan.
2) WOP Rider
The Waiver of Premium (WOP) rider assures the policyholder that in case of inability to pay premiums due to income loss or a mishap, all future premiums are waived off. A term plan without the additional benefit of a WOP rider will expire without payment of premiums. It can be a significant wastage of your hard-earned money. A WOP rider is a precaution that allows you to attain adequate coverage for any situation.
3) Critical Illness Rider
An increasing number of people are suffering from critical illnesses such as cancer and heart conditions at a young age. Research suggests that India is likely to register 17 lakh new patients with cancer by 2020. It has become necessary to prepare against such situations to avoid financial burden during a medical emergency.
The Critical Illness Rider extends the coverage of a term life insurance considerably. In case of diagnosis of a critical illness, it offers periodic or lump-sum payments over and above the sum assured to the policyholder. Prominent Insurance providers such as Max Life Insurance covers 40 critical ailments under their critical illness rider.
Optimize Your Term Plan
Term plan riders are a valuable tool to improve the condition of your financial plans. Many people tend to get discouraged by the increased premium due to riders. You must understand their relevance to your term life insurance. In the simplest terms, it is a highly cost-effective investment decision. They are a promise of making your life easier in times of crisis. You can live stress free in the present with the assurance of a financially sound future.
Though we cannot control what happens in the future, we can certainly plan for them. Evaluate the needs of your family and make wise financial decisions to support your term plan coverage.