In life insurance, what is the function of a rider?

In life insurance, a rider functions to expand coverage options beyond what is outlined in the basic policy. Riders are additional provisions that can be attached to a life insurance policy, providing additional benefits or features that enhance the policyholder's protection. For example, common types of riders include accelerated death benefit riders, which allow the insured to access a portion of the death benefit in the event of a terminal illness, and waiver of premium riders, which can eliminate premium payments if the policyholder becomes disabled.

This customization allows policyholders to tailor their insurance coverage to better fit their individual needs, situations, or preferences, thus offering greater flexibility and enhanced security for the policyholder and their beneficiaries. As a result, riders are an important aspect of personalizing life insurance policies, helping individuals to achieve the specific coverage they require.