Glossary

What is Rider?

An amendment to a life insurance or health insurance policy that adds or modifies coverage, similar to an endorsement in property/casualty insurance.

Full Definition

A rider is an addition to a life insurance or health insurance policy that provides additional benefits or modifies the terms of the base policy. Common life insurance riders include waiver of premium (waives premiums if the insured becomes disabled), accelerated death benefit (allows access to death benefit if terminally ill), guaranteed insurability (allows additional coverage purchases without medical underwriting), and accidental death benefit (pays additional benefit for accidental death). Riders may be included at no cost or for an additional premium, depending on the carrier and rider type.

Related Terms

Endorsement

Guaranteed Issue

Underwriting

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Related Coverage & Services

Key Person Life Insurance

Key person life insurance provides financial protection when a business loses a critical executive, founder, or revenue-producing employee.

Buy-Sell Agreement Funding

Life insurance funded buy-sell agreements ensure business continuity when an owner dies, becomes disabled, or exits the business.

Endorsement

A written amendment to an insurance policy that adds, deletes, or modifies coverage terms, conditions, or limits.

Guaranteed Issue

Insurance that is issued without medical underwriting — the applicant cannot be declined for health reasons.

Underwriting

The process by which insurers evaluate risk, determine coverage terms, and set pricing for insurance policies.

Life Insurance

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