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retirement planning in dubaiSo, you have decided on getting life insurance for your loved ones. Fantastic!Now it is time to get into the details and learn about "Riders".
Riders are optional add-on coverages that you can tag on to your basic life insurance policy.Riders bring customizability to the world of insurance policies. With Riders, you can tailor the insurance policy to meet your specific needs. You can add certain benefits or limit certain aspects of your insurance policy and they only cost a fraction of the life insurance policy.
Like life insurance policies themselves, https://www.kallivalli.ae/listings/services/contractors-risk-insurance-in-dubai-39583.html the Riders and their associated perks differ from insurer to insurer. Hence, it is always advisable to study the specific Riders offered by various insurance providers before committing to any.
Most Popular Life Insurance Riders
Now we come to the most important bit where we will discuss the different Riders that one must choose from depending on one’s needs:
Critical Illness Rider: This is one of the most sought-after benefit as lifestyle diseases are on the rise. This rider provides monetary support in case the policyholder is diagnosed with one of the listed critical illnesses such as multiple sclerosis, heart disease, cancer etc. A lump sum as the policy will be granted to the policyholder regardless of the total amount required for the treatment.
Hospitalization Benefit: Provides for https://www.kallivalli.ae/listings/services/contractors-risk-Health insurance dubai-in-dubai-39583.html medical and non-medical expenses for the policyholder in the event of hospitalization.A fixed benefit on a per diem basis will be issued by the insurance company. Most insurance companies typically require a minimum number of days at the hospital before this benefit kicks in.
Term Conversion Rider:Normally, Term life insurance policy only covers for a limited amount of time, ranging from 10 to 30 years. However, when the policyholder goes to get another policy after the expiration of the current one, the holder may not get the same coverage benefits that they had. This arises due to the fact that the medical checkup may not make the policyholder eligible for the same benefits that they had whilethey were 10 or 30 years younger. Term conversion rider helps the policyholder to convert existing term life insurance to permanent life insurance without requiring a medical exam.
Accelerated Death Benefit Rider:This rider provides a portion of the death benefit coverage for the medical bills of the policyholder if they are diagnosed with a terminal illness. This is very helpful for covering immediate medical bills and enabling the insured to live his or her last days with dignity.
Family Benefit Income Rider: in addition to the lump-sum an insurance policy provides to the insured’s beneficiary, this rider provides the family of the policyholder with regular monthly income after the death of the policyholder for a certain pre-determined time-frame.
Waiver of Premium Benefit:This rider helps with writing off future premiums of a policyholder if they are totally incapacitated due to a terminal illness or accident as stated within the policy conditions. The policy will continue without requiring premiums to be paid by the policyholder or policy owner.
Dismemberment Benefit:Provides the policyholder https://www.kallivalli.ae/listings/services/contractors-risk-insurance-in-dubai-39583.html with a lump sum if they suffer a loss of limb or sight due to an accident, as stated within the policy conditions.
What riders should you pick?!
Riders are a great way to get additional benefits from a life insurance policy without having to pay the hefty premiums of stand-alone policies covering those same benefits. However, not all riders are for everyone.
Experts from New Age Insurance Brokers are here toguide you through the entire process. We partner with all major life insurance companies in Dubai to provide the right cover for you. Contact us at +971 4 3573378 or email us info@newageib.com to know more.