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What Are The Most Important Life Insurance Riders in New Jersey?

What Are The Most Important Life Insurance Riders in New Jersey?

The top eight important riders you should consider adding to your life insurance policy in New Jersey are:

  1. Guaranteed insurability rider: This rider allows you to buy additional insurance coverage when your policy expires without taking medical exams. A guaranteed insurability rider is good for you if you anticipate significant changes in your life like marriage, childbirth, or health changes.
  2. Accidental death rider: This doubles your death benefit if you die from an accident. You can buy an accidental death rider if you are the sole provider for your family.
  3. Waiver of premium rider: This rider allows your insurance provider to waive all future premiums if you have a disability or lost income due to injury or illness before a specified age. You will not need to pay premiums until you can work again. You may consider getting a waiver of premium rider if you are the breadwinner of your family.
  4. Family income benefit rider: This rider provides a steady flow of income to your family members at your demise. You should get a family income benefit rider if you are the sole breadwinner of your family.
  5. Accelerated death benefit rider: This allows you to borrow money from your death benefit while still alive if you are diagnosed with a critical or terminal illness that will considerably shorten your lifespan. Your insurer will typically subtract the loan from the final death benefit your policy beneficiary will receive after your demise.
  6. Child term rider: This rider allows you to convert your child’s term life policy into a permanent life policy without medical exams when they reach the age of maturity (18 years). However, a death benefit would be paid if the child dies before the specified age.
  7. Long-term care (LTC) rider: This rider provides coverage if you have to stay at a nursing home or receive home care.
  8. Return of premium rider: Under this rider, your insurer reimburses some or all of the premiums you have paid throughout the year if you are still alive when the policy expires. However, your policy beneficiaries will still receive all the paid premiums if you die before the policy expires.

Discuss with a New Jersey-licensed insurance agent before purchasing life insurance riders. They will assess your needs and help you determine the best riders to meet them.

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