Life Insurance Information Dictionary

Rider

Tweet

Dictionary of Insurance Terms and Definitions

Life insurance policies are contracts that are drawn up well in advance of you actually applying for coverage.  Therefore, if you want a policy whose provisions deviate in some way from all of the standard life insurance products (contracts) which an insurer has to offer, you'll need to modify one of the insurer's existing contracts to make it meet your needs.  Riders allow you to make these modifications.

Riders are brief amendments to life insurance policies (or to any contract).  A rider can modify your coverage in any way you see fit, so long as both you and the insurer agree to include the rider in your policy.  Because riders typically extend coverage or exclusions, they usually lead to a change in the price of the policy.  Consequently, the inclusion of riders introduces a difficulty for shoppers who wish to compare rates from multiple insurers.  The shopper cannot simply fill out a standard quote form to get an accurate quote.

Although riders constitute a clause or series of clauses which are not standard to a given life insurance product, some riders are common enough that insurers refer to them by name and can easily evaluate how they will affect the price of your coverage.  Common riders include spouse riders, child riders, accidental death riders, and guaranteed death benefit riders.

A few of the carriers we quote

For assistance call 1-800-823-4852 7am–6pm M–Th, 8am–5pm Friday (Pacific time).
Copyright © 2002-2012 Pinney Wholesale Insurance Services - All rights reserved. 2266 Lava Ridge Court, Roseville CA 95661.

R. Jan Pinney CLU, ChFC, is a licensed life insurance agent in all states and the District of Columbia. The following agent license numbers are provided for R. Jan Pinney as required by state law: CA agent #0440057, LA agent #291116, MA agent #1674866, MN agent #20270113, UT agent #58330, agent R. Jan Pinney, DBA Pinney Wholesale Insurance Services. Commercial use by others is prohibited by law. This site provides term quotes. Each rate shown is a quote based on information provided by the carrier. No portion of WholesaleInsurance.net may be copied, published, faxed, mailed or distributed in any manner for any purpose without prior written authorization of the owner.