3 Important Riders for a No Medical Exam Term Life Insurance Plan

young_familyAdding riders to a policy is a great way to extend its effectiveness and acquire a more substantial death benefit.  We present you 3 important riders for a no medical exam term life insurance plan:

  1. Accidental death and dismemberment insurance. This is a rider that should be attached to all policies, not only for no-exam life insurance. It is also known as “double indemnity” rider because it offers twice the money that would be paid otherwise.  The rider offers that amount of money only if the insured dies as a result of an accident.  Losing a limb or eyesight will also trigger the rider and you will receive continuous payments as compensation. But you must carefully read all terms of the agreement.
  2. Accelerated death benefits. This rider is usually added by those that pre-own a policy. It allows them to acquire a part of the life insurance death benefits. Typically those that apply have developed a terminal condition and want to use the money for medical care. Some policies may have this option included in contract, even though not mentioned. So, when you apply for life insurance, you should ask the insurer about this rider.  If this option is not included, you should add it.
  3. Final expense life insurance. This is another rider that should be attached to all policies. It is very cheap, but very effective. Final expense, also known as burial insurance, has the only purpose of saving money that will instantly reimburse the beneficiaries upon the death of the insured.  Making a claim and acquiring the benefits is extremely fast.  The policy saves around $10.000-$50.000, which is more than enough for a traditional funeral.  In addition, the funeral house handling the body can be named as direct beneficiary and they will be paid for all their services.

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