What Is An Insurance Rider? | Financial Planning Process | Dr Sanjay Tolani

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What is an Insurance Rider? Doesn't sound very common, right? I know. But actually, it is a common term in the insurance industry. Let me give you a very quick understanding on what it is all about!

Okay. So, what is an insurance rider?

A lot of clients when they buy an insurance product, they buy it for a particular reason. For example, let's say you buy a life insurance product. Along with that life insurance product, you're allowed to buy other optional coverage. These OPTIONAL COVERAGES are called RIDERS.

For example, you can have a rider of an income protection which is what some people call CRITICAL ILLNESS. You can have a rider DEATH DUE TO AN ACCIDENT that would be an additional optional benefit. You could have something called WAIVER OF PREMIUM, that means if you can afford to pay off premiums due to an illness or due to a disability, the insurance company continues to be that premium for you. So, these are all what we call OPTIONAL BENEFITS.

In general, Insurance Rider are nothing but optional benefits of an insurance product. If you have any other ideas about this concept, leave your comments bellow and we will all discuss about that!

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Dr. Sanjay Tolani, became the “youngest member” at the age of 19 and the “youngest life member” at the Age of 28 to the Million Dollar Round Table (MDRT). He also has 13 Top of the Table Qualifications (TOT), which is considered the pinnacle of the financial services profession. To top things off, he is also the youngest Managing Director of an insurance brokerage in the Middle East.

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