Types of Riders
Part 1
Many benefits, known as riders, can be added on to life insurance policies. Some are added at no cost to the insured, and some have an additional cost. They provide additional protection to the insured. Define the following types of riders, and list the benefits of each:
- Long-term-care insurance rider
- Waiver-of-premium rider
- Cost-of-living rider
- Accelerated death benefit rider
- Double indemnity rider
- Guaranteed purchase option
Part 2
Briefly describe the following types of life insurance policies:
- Variable life
- Term life
Universal life
Answer Preview
Life insurance policies has added many benefits to improve protection of the insured. Long-term-care insurance rider is a product of insurance which assists in paying for the expenses incurred in long-term care. Long-term care involves more than nursing and medical…
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