insurance riders

A Closer Look at Retirement Plan Insurance Riders

December 21, 2021

DECEMBER 21, 2021: As you enter retirement, it is a wise choice to take a look at your plans, especially your insurance coverage. Most plans have broad terms that you can’t customize to your own needs. This is where insurance riders come into play.

Riders for your life insurance and retirement plans offer the option to purchase additional coverage that will increase your benefits or give you better terms than a standard policy. This can be crucial for retirees who live on a fixed income and may need access to extra funds to cover an unexpected expense or change in their situation. Find out more about some of the common life insurance riders that can be beneficial to you.

Guaranteed Insurability Rider

As you age, you may begin to experience additional health issues. The guaranteed insurability rider is a good option for growing families. This one gives you the opportunity to purchase additional coverage without needing another medical exam. There are generally time constraints to follow to receive the waiver on the examination, but it can be useful if you experience a decline in your health or need additional coverage because of additions to your family. 

Accidental Death Rider

The accidental death rider is another common choice. It pays out an additional death benefit if the cause of death of the policy owner was an accident. The amount of the extra benefit can be the same as the policy's face value. This doubles the benefit that the beneficiaries receive, earning the rider the title of double indemnity. 

Level Term Insurance

A Level Term Insurance allows additional coverage when you need it most. For example, choose a Level Term Insurance Rider for extra insurance coverage while children are still in school or the mortgage needs to be paid off. A Level Term Rider provides a benefit amount that stays the same during the term of the rider. With this type of coverage, premiums are guaranteed to remain the same throughout the contract, while the amount of coverage provided increases.

Waiver of Premium

A Waiver of Premium Rider is a provision that pays the premium for the insured during a period of disability. It also waives your rider premiums. The waiver of premium for disability remains in effect as long as the insured is disabled. Purchasing a waiver of premium rider can offer the additional benefit that your life insurance policy won’t lapse. It avoids cancellation of the policy due to nonpayment of premiums

About 1891 Financial Life

At 1891 Financial Life we don’t just sell policies, we offer possibilities. We pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance Society, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs.

Our portfolio is extensive, ranging from various life insurance policies to our MYGA to support your financial needs no matter what stage of life you’re in. For more information, contact us at or at (855) 804-7424.