Life insurance riders are additional provisions that can be added to a standard life insurance policy to provide extra benefits or coverage. These riders allow policyholders to customize their insurance to better meet their needs.
Common Life Insurance Riders 
The following are some common riders and how they can enhance a policy:
- Accidental death rider—This rider offers an additional death benefit if the insured dies because of an accident. Typically, the benefit is equal to the face amount of the original policy, effectively doubling the payout. This can be particularly beneficial for families relying on a single income.
- Waiver of premium rider—If the policyholder becomes disabled and unable to work, this rider may waive the premium payments while maintaining the policy’s active status. This can help the policyholder’s coverage remain intact without the financial strain of premium payments during a challenging period.
- Critical illness rider—This rider enables the policyholder to access a portion of the death benefit upon being diagnosed with a critical illness. The money can be utilized to pay for medical bills, treatment expenses or other financial needs during the illness.
Washington-specific Rider Regulations
In Washington, life insurance riders are subject to specific regulations to help ensure consumer protection and fair practices. For instance, the Washington Administrative Code (WAC) 284-23 outlines the requirements for accelerated life insurance benefits, including criteria for payment and disclosure statements. Additionally, insurers must provide clear, truthful information in their advertising and policy documents to avoid misleading consumers.
Understanding these riders and the regulations governing them can help Washington residents make informed decisions about their life insurance policies. By adding the right riders, policyholders can enhance their coverage and help ensure financial security for themselves and their loved ones.
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For life insurance near you, contact Vanmar Insurance.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.