There are several riders that you can typically add to your life insurance policy. Most of them have a small monthly fee associated with them and some are more worthwhile than others.
Waiver of Premium-This is a very valuable rider and highly recommended if you can afford a few dollars more a month. This rider waives the premium for the primary insured if they were to become totally disabled.
Children’s Insurance Benefit Rider- This provides term coverage for all children of the insured including stepchildren, adopted children, and natural children. Usually the rider is convertible to permanent life insurance for the individual children with no proof of insurability. This is a good rider, but not a necessity. Often it can save on other policy fees.
Critical Illness Accelerated Benefit Rider- This rider is great and usually is included for free with life insurance policies. It pays a benefit amount that usually has a cap to the insured and their family if they become diagnosed with a critical illness. This can really come in handy as the medical costs can be catastrophic to a family dealing with a terminal illness. Of course the insurance company has strict language on this and how it pays.
Additional Insured- This is different than the Children’s rider as it allows the primary insured to add an additional insured to the policy. Usually the rider must be for the same term as the primary insured’s term and for no more than their face amount. This rider typically will cost more than a straight term policy on that person. It is easier though.