Rider

A rider is a mandatory or optional enhancement or modification to the base policy. The cost of a mandatory rider is accounted for in the base policy premium; however, most riders charge an additional premium that must be funded by the policyowner. In addition, a rider may charge a one-time front-end load (to immediately pay-up the features and benefits of the rider) or a back-end load (a fee charged when the option right is exercised). Therefore, a rider will be accepted at the time of policy issuance (known as a “provision”) or may be requested by the policyowner after policy issuance (known as an “amendment” or “attachment”). An optional rider can be cancelled at any time upon the request of the policyowner. The below riders are applicable to a specific base policy and may not be available in all contractual states.

Indemnity

Also known as an “indemnification” or “reimbursement”, the policyowner receives a living or death benefit, up to a minimum or maximum limit or a multiple of the limit, from the insurer for covering medical damages or financial losses suffered by the insured party.

ABR | Accelerated Death Benefit for Terminal Illness Rider

Receive a cash advance on your death benefit if the insured is diagnosed with a terminal illness.

ABRS | Accelerated Death Benefit for Terminal Illness of Surviving Insured Rider

Receive a cash advance on your death benefit if the second-to-die insured is diagnosed with a terminal illness.

ALTC | Accelerated Death Benefit for Qualified Long-Term Care Services Rider

Receive a cash advance on your death benefit to pay the costs of your long-term care services in a home or facility.

CIR | Critical Illness Rider

COMING SOON!

ELTC | Extended Long-Term Care Benefits Rider

Extend the receipt of a cash advance on your death benefit to pay the costs of your long-term care services in a home or facility.

EPR | Estate Protection Rider

Receive an additional death benefit if both of the insureds die within the first four policy years.

EPRS | Survivorship Estate Protection Rider

Receive an additional death benefit if both of the insureds die within the first four policy years.

LTCI | Qualified Long-Term Care Insurance Rider

Receive a cash advance on your death benefit to pay the costs of your long-term care services in a home or facility.

LTCR | LTCAccessSM Rider

Receive a cash advance on your death benefit to pay the costs of your long-term care services in a home or facility.

Waiver

The policyowner receives a living or death benefit from the discontinuation of premium payments on the life insurance policy, while retaining coverage if the insured party is alive, when the insured party suffers medical damages or financial losses due to partial or total disability or death.

WP | Waiver of Premium Rider

Waive your premiums if the insured is diagnosed with total disability.

WPDS | Waiver of Premium upon Death of Specified Insured Rider

Waive your remaining premiums due for the first 20 policy years if one or both of the insureds dies.

WSP | Waiver of Specified Premium Rider

Waive up to the total cost of your monthly universal life insurance policy expense charges if the insured is totally disabled for four continuous months.

Exchange

While an insured party is alive, the policyowner has the right to exchange their existing life insurance policy for a new life insurance policy under certain conditions for exchange, such as divorce or a change to the federal estate tax law.

PSO | Policy Split Option Rider

Surrender your joint life insurance policy for two single life insurance policies.

SIR | Substitute of Insureds Rider

Surrender your joint life insurance policy when you change the name of the insured.

TIR | Transfer of Insureds Rider

Surrender your single life insurance policy when you change the name of the insured.

Conversion

The policyowner has the right to exercise the option to convert their existing term life insurance policy to a new whole life insurance policy or universal life insurance policy.

ECP | Extended Conversion Period

Extend the time period of conversion to permanent coverage from temporary coverage.

One-Year Term Life Insurance

The insurer temporarily increases the death benefit for an annual term in order to provide additional and affordable coverage to dependents of the insured party, who is already permanently protected financially from premiums paid by the policyowner, while further increasing the guaranteed cash value or interest payments and non-guaranteed dividends.

RTR | Renewable Term Rider

Increase your death benefit and cash value with the option to purchase one-year renewable and convertible term life insurance for one or both of the insureds.

YTP | Yearly Term Purchase Rider

Increase the death benefit and cash value with the option to purchase one-year term life insurance.

Paid-Up Additional Whole Life Insurance

Also known as a “paid-up addition”, the policyowner receives immediate growth from a living benefit of capital gains returned on the cost basis of the life insurance policy in the form of supplemental income from guaranteed cash value or interest payments and non-guaranteed dividends.

ALIR | Additional Life Insurance Rider

Increase your death benefit and cash value with the option to purchase scheduled or unscheduled participating paid-up additional whole life insurance.

ALIRS | Survivorship Additional Life Insurance Rider

Increase your death benefit and cash value with the option to purchase scheduled or unscheduled participating paid-up additional whole life insurance.

GIR | Guaranteed Insurability Rider

Increase your death benefit and cash value with the option to purchase scheduled participating paid-up additional whole life insurance without evidence of insurability.

PALIR | Planned Additional Life Insurance Rider

Increase your death benefit and cash value with the option to purchase scheduled participating paid-up additional whole life insurance.

Ladder

A financial strategy implemented by the policyowner, who holds the right to exercise the option to purchase both one-year term life insurance and paid-up additional whole life insurance.

LISR | Life Insurance Supplement Rider

Increase your death benefit and cash value with the option to purchase a combination of one-year convertible term life insurance and participating paid-up additional whole life insurance.

LISRS | Survivorship Life Insurance Supplement Rider

Increase your death benefit and cash value with the option to purchase a combination of one-year convertible term life insurance and participating paid-up additional whole life insurance.

%d bloggers like this: