Popular Life Insurance Riders
Accidental death and dismemberment benefit, the most common death benefit rider, pays money beyond the regular death benefit to cover sudden, accidental death. It also covers accidental dismemberment and loss of sight, among other conditions.
Accelerated death benefit helps you cover expenses related to terminal illness. You can use funds from your policy’s death benefits while still living to pay expenses such as medical bills. Any deductions, though, will reduce the amount of death benefits passed to your heirs.
Term conversion rider allows you to convert term life insurance, which typically covers a specific number of years, to a permanent life insurance product later without the need for a medical examination. Young parents often choose this rider to protect their family’s future assets.
Popular homeowners insurance riders
Scheduled personal property covers expensive pieces of jewelry (like your great-grandmother’s engagement ring) for a higher amount than a standard insurance policy. Other popular items for this type of coverage include art and antiques, silverware and furs, and handwoven rugs.
Business property coverage provides additional coverage if you run a business out of your home by covering the costs associated with replacing business equipment and products in case of loss or damage.
Identity theft restoration coverage can reimburse you for expenses resulting from stolen identity, including legal fees and the guidance of a credit repair counselor. Exact coverage terms vary but, generally, the policy protects other household residents—a spouse, relatives and dependents, typically in their early 20s or younger.
Popular optional coverage for automobile insurance
Accident forgiveness is an add-on that protects you from insurance rate hikes the first time you’re responsible for causing an accident—a nice benefit for new drivers.
New car replacement coverage is optional insurance that will replace your late model car with the most recent model if your vehicle is damaged beyond repair in an accident.
Rental car reimbursement will normally cover most of the cost of a rental car while your own car is in the shop due to an accident.
Get Your Checkup
AAA insurance agents are a great resource to answer questions about your coverage, no matter what company insures you. To see if you’re getting all available discounts, go to AAA.com/Insurance, where you can find a representative and learn about a free AAA Triple Check insurance policy review.