What are riders in life insurance?

Riders in life insurance are enhancements or modifications to the standard policy that provide additional benefits for extra coverage or flexibility. These riders allow policyholders to customize their insurance plans to better meet their unique needs or circumstances. For instance, a common rider is the accidental death benefit, which pays an additional amount if the insured's death occurs as a result of an accident. Other examples may include waiver of premium riders that allow for premiums to be waived under certain conditions, or terminal illness riders that enable the insured to access a portion of the death benefit while still alive if diagnosed with a terminal condition. By incorporating riders, policyholders can tailor their life insurance to align more closely with their financial objectives and personal situation, thus enhancing the overall value of their insurance policy.