How to Modify Your Life Insurance with Riders

In order to modify your life insurance, you need to buy each of these life insurance riders at the time of purchasing the base policy. So, it is important you are aware of each of these riders before you go for a life insurance policy.

Different Types of Riders Available in the Insurance Market

Here we will be discussing the various types of insurance riders along with their benefits.

• Critical illness rider: This rider may covers the medical expenditure of certain dangerous/critical diseases – diseases that may put a heavy financial burden. Some common diseases that are covered in it are cancer, heart attack, kidney failure, organ transplant etc. Every rider has a predetermined list of such illnesses that would financially be covered under this policy. So, before going for a rider, you need to thoroughly check if the specific disease is mentioned the policy inclusions.
  
• Accidental Death benefit: As this case is specific to an accident and not just normal death, the beneficiary of this rider policy will be entitled to get an additional amount over and above the sum assured. This is applicable in case of accidental injuries, handicap and death.
  
• Waiver of premium: Here, the rider policy is designed to nullify the due premium payments of the beneficiary or even the insured person. This can be arranged at the occurrence of any pre-defined eventuality or circumstances, such as accidents leading to disability, loss of income, etc. Nevertheless, the waiver in insurance premium would in no way impact the insurance cover at all.
  
• Accidental disability rider: This rider also includes the occurrence of an accident, but the difference is that it covers only the disability. Here the nominee of the policyholder would be provided with an additional sum as mandated in the policy document based on the nature of the disability – temporary or permanent, to cover financial burden that has befallen due to the eventuality.
  
• Income rider: This insurance rider is devised to benefit the nominee with regular income at the event of the demise of a policyholder during the term period of the policy. It ensures that the financial burden is replaced by this regular income, rather than giving out all the money at once.
  

All these options not only modify your insurance plan but also make it all-encompassing to cover most of the aspects that an uncertain event may cause. In addition, there are several other flexibility factors in general, such as flexible premium payments and term alterations that make life insurance a lucrative option. However, apart from the flexibility and rider options, there are other determinants that drive individuals to choose an insurance plan.

How to Choose an Insurance Plan?

Choosing an insurance policy is quite easy if you are aware of the basic factors that drive your insurance plan. The flexibility and rider options have already been discussed at length, so the remaining points are:

• Premium payments: The premium payment is the most basic factor because it is directly linked to your ability to save from the income and pay for the premium on a regular basis.
  
• Claim settlement ratio: The ability of the customers to get their money by filing to claim provides an important parameter. For credible insurance companies, these numbers are above 95%.

So, with all the information available, it would be convenient for you to choose a desirable policy. However, in case of any doubts, you can call the customer support or get a quote online.

Visit PNB MetLife to know more about life insurance, Term Insurance & Term Plan