Can Riders Be Added To Term Life Insurance?

Accidental Death Benefit Rider

The accidental death benefit rider gives out an additional payout in case the policyholder dies from an accident. It is very important to those in high-risk professions like construction, aviation, or emergency services as it provides financial security for their families. It also proves to be useful for frequent travellers who may face higher risks during their travels.

One of the clients from Alberta who was working in the oil industry once told us how this rider helped ease their minds. They were involved in work that was inherently dangerous, and they wanted to ensure their family would get extra financial support in case an accident occurred. This added rider made their Term Life Insurance Investment not only practical but much more comprehensive as well.

Child Term Rider

Many parents will probably worry about how they can manage their finances if something fatal happens to their children. The child term rider expands insurance coverage to your children so they can have money set aside to pay for funeral expenses or other unexpected expenses.

One of the biggest advantages of this rider is its affordability. Instead of purchasing a separate policy for your child, the child term rider can be added to your Term Life Insurance in Canada for a fraction of the cost. At Canadian LIC, we’ve helped numerous families secure this rider as a way to ensure their entire household is protected.

Critical Illness Rider

Critical Illness Riders are amongst the most in-demand add-ons for Term Life Insurance Policies in Canada. A lump sum payment is made by the rider when an insured develops a covered critical illness like cancer, heart attack, or stroke. These payouts may be used towards medical costs, alternative therapies, or daily expenses to get back on your feet.

A Toronto couple who purchased this rider explained how useful it became when one spouse was diagnosed with breast cancer. The payout helped the family cover many out-of-pocket medical expenses while keeping them on stable financial ground as they were being treated. For many, adding this rider converts their policy into a long-term Term Life Insurance Investment that will help cushion health-related financial crises.

Waiver of Premium Rider

The waiver premium rider waives the premium on your policy if you become disabled and cannot work. So, your insurance will always be active but without contributing to your financial problems during hard times.

A school teacher diagnosed with a long-term disability, living in Vancouver, said how this rider had been a lifesaver when he was not working at all. The Term Life Insurance policy stayed intact to give his family security despite his inability to work. This rider is, therefore, a must-have for anyone who prioritizes financial stability with Term Life Insurance in Canada.

Spousal Rider

The spousal rider lets you bring your spouse under the same Term Life Insurance policy. It is a cheap and convenient alternative for couples who would have otherwise had different insurance coverage combined into one.

Many Term Life Insurance agents advise this rider to couples who want to make things more simple in their financial planning. A couple from Ottawa had realized that adding a spousal rider was more economical than buying two different policies and also easier for coordinating coverage.

Return of Premium Rider

The return of premium rider is for people who see Term Life Insurance as an investment. This rider returns the premiums that you paid over the years if you outlive the term of your policy. This comes at a higher cost, but it is an attractive option for people who do not want their money to “go to waste” in case no claim is made.

A client from Montreal, who was the owner of a small business, took this rider simply because it aligned with the client’s financial goals. In his mind, the premiums were actually savings. They would be left to either leave as a legacy to their families or receive premiums back since they outlived the term.

Disability Income Rider

The disability income rider will provide you with a monthly income if you get disabled and cannot work. It’s a lifeline for those families that rely on just one source of income, and they want to have financial stability in case something unforeseen happens.

One young professional in Calgary told me that this rider was their “financial safety net.” After being temporarily disabled from a skiing accident, the monthly income helped them pay for their mortgage and other necessary expenses. It is very attractive to individuals looking for an all-inclusive Term Life Insurance Investment to secure their income and future.

Long-Term Care Rider

Another relatively new add-on, the long-term care rider, covers expenses incurred on long-term care services when you become incapable of conducting independent daily activities, such as bathing, dressing, or even eating.

This rider can then make Term Life Insurance in Canada a very useful tool for an older individual or someone with a family history of degenerative conditions by ensuring financial support in old age. Although not that commonly discussed, its benefits are definitely undeniable for those planning their future health-related challenges.

Adding riders to your term policy will make it a much more flexible and customized plan to meet your needs. Be it extra financial protection, easy coverage for the family, or simply the ability to transform Term Life Insurance Quotes Online into a completely personalized plan, the flexibility that these riders provide is unparalleled. The expert brokers at Canadian LIC guide the clients in finding the right options, thus making sure that Term Life Insurance becomes as effective as well as comprehensive as possible.