Insurance has become a part of our lives in such a way that it is indispensable. It protects you from damage, loss or theft, and can be a very helpful friend to have for when something goes bad. Insurances often have added benefits that you may buy and add to your policy. These are called rider insurance. They are options that allow you to enhance your insurance cover both qualitatively and quantitatively. You can mix and match these riders to your needs based on a number of factors that can apply only to you. There are many different types of rider insurance. Here are a few on life insurance:
1. Double sum assured rider – this provides for an extra amount equal to the basic sum that is given to the policyholder’s survivor in case of an unfortunate death.
2. Level term cover rider – it offers you the option to enhance your risk cover for a limited period. It is there to meet any unforeseen expenses that need to be taken care of in the death of the policyholder.
3. Accident and disability benefit – this is applied in the case of accidental death to cover the risk of the policyholder becoming disabled following an accident. It applies to both permanent and temporary disability, depending on the agreement.
4. Guaranteed insurability option – it gives you the right to buy more insurance at different stages without further medical examination. It is most useful when you have changing life circumstances, such as getting married or having children.
Rider insurance can also be applied to home insurance as well.
1. Home office – if you work from home, you will want to protect the equipment you use. This rider will cover any and all office equipment that is not covered by your standard homeowner policy.
2. Fine Art or Antiques – this will increase the protection of your personal possessions including your expensive fine art or antique furniture.
3. Older home – many people often stay in older homes which may not be covered by standard home insurance coverage. This will help give building code coverage and other provisions that may be needed.
These add-ons can be very useful things to have on your existing policy, providing you with even more safety.