Archives: Glossary Terms

An Accidental Death and Dismemberment Rider (AD&D) provides an increased benefit in the event that the policyholder suffers an accidental death or dismemberment. In the event of the unthinkable, an AD&D rider could provide up to double the payout, however, pay close attention to the fine print as these riders tend to include very restrictive … Read more

Doctors who do not wish to purchase separate long-term care coverage have the option to add a Long-Term Care Rider to their life insurance policy. Long-term care (LTC) refers to personal or custodial care for individuals who need assistance with basic daily activities, such as dressing, bathing, eating, using the restroom or moving around a … Read more

Similar to a Critical Illness Rider, a Chronic Illness Rider is another provision offering accelerated death benefits in the event of a serious medical diagnosis. A Chronic Illness Rider allows the policyholder to receive benefits from their policy while still living, in the event that they suffer a disabling illness that prevents them performing at least two of the … Read more

A Critical Illness Rider is a type of accelerated death benefit rider which pays out benefits while the policyholder is still alive in the event of a critical illness diagnosis. A Critical Illness Rider will define specific conditions that qualify as a critical illness. Commonly covered diagnoses include stroke, kidney failure, ALS, and certain types … Read more

An Accelerated Death Benefit Rider is a special provision that allows policyholders to access a portion of their policy’s death benefits while they are still alive in the event that they are diagnosed with a terminal illness. This common policy addition is usually available at no additional cost. Accelerated death benefits will reduce the amount of money … Read more

For policyholders who wish to preserve the option to convert their term policy until beyond even the basic conversion periods, there are also conversion extension riders. For an additional cost, the conversion extension rider allows policyholders to extend their opportunity to convert their policy. For example, while a basic term conversion rider on a 15-year term policy … Read more

A Term Conversion Rider allows the policyholder of a term life insurance policy to convert their policy into a permanent policy (also known as a lifetime policy) by a specified deadline. By definition, term life insurance policies are only designed to last for a designated period of time. However, as the policy nears its guaranteed fixed price … Read more

For an additional fee, physicians may add a waiver of premium rider to their policy which allows the policyholder to forgo insurance premium payments in the event that he or she becomes critically ill, seriously injured, or disabled. This type of rider is sometimes known as a disability waiver rider. With this rider, a policyholder … Read more