Singapore Insurance Riders
Insurance Riders
Riders and Extra Benefits
Waiver of the Premium - Ideally if you cannot follow your normal occupation because of an injury or illness, the life insurance company will pay your premiums for you for a set period so that you can keep up the insurance while you are off work. As some insurers provide such riders to cover only against death or total and permanent disability instead of occupational disabilities, it is prudent to check the fine print carefully before signing up the policy.
Critical Illness - this provides financial cover for you are diagnosed with a serious illness, such as a heart attack or cancer.
With Critical Illness insurance, if you are diagnosed with one of the illnesses covered in the policy, a lump sum will be paid. This type of life insurance can be bought on its own or as an addition to whole life, endowment or term insurance.
Waiver Of Premium For Payer Benefit - a rider that is often included in juvenile policies where the insurer will waive the policy's premiums if the policy owner dies or becomes disabled.
Accidental Death Rider - a rider that pays a benefit to the beneficiary in addition to the basic sum assured of the policy in the event that the life insured's death is the result of an accident.
Disability Income Rider - this provides for the payment of a monthly income should the insured become disabled from illness or injury resulting in a pay cut of typically 15% and above. Most people would be covered against total and permanent disability under their whole life and term policies but in the event of a partial and/or temporary disability, very few are prepared for the financial consequences of say a 50% pay cut over a year or longer. Furthermore, critical illnesses plans are typically restricted to just 30 types of illnesses so if early stage cancer or the 31st illness or injury strikes and you are unable to work as properly as before, such policies are not likely to be claimable.
