What Are Life Insurance Riders
Insurance question about a critical illness rider.?
I have plans to do to my insurance agent this too, but his mother just died so talk to him next week or two. In the mean time I plan assessment. I'm getting a long-term policy for 20 years $ 200k. Also includes a critical illness rider for $ 50k. Which leads to my question. The pilot Critital Quote for disease states that "… This corridor gives access to the owner a portion of the death benefit if the insured is diagnosed with a life-threatening …." Ok I understand what it covers, but I'm not clear is if I come down with a critical illness means that the $ 50k will take place the death of my 200k profit? Or is it an additional 50k on top of my policy of 200k. Sorry for this question when the answer seems obvious, but just wanted to make sure I have that right. Thanks,
The way it is written on the rider does as an accelerated death benefit providing access to a portion of your death benefit. This would take $ 50K of your death benefit if the rider is exercised. FYI – this is a bad driver. Most riders IC to an additional benefit. It is also about what the company calls "critical illness." There are several definitions and coverage are widespread. A good policy will cover the big three: cancer, heart attack, stroke, but it must also 6-8 cover other major diseases as well. If not, wait for something better.
