Term Life Insurance for Seniors – Should You Buy Accidental Death Rider?

couple-MedicareMany term life insurance for seniors plans offer riders and the most common one you will come across is the Accidental Death Benefit Rider (ADBR or ABR). Sometimes this is combined with Disability (due to Accident) and called ADBR. If you are evaluating a term insurance plan, it is very likely that you must have considered buying the Accidental Death Benefit Rider as an attachment to your term insurance plan.

The loss of an important source of income unfortunately leaves its mark on the family and its capacity to pay all of the bills.  In order to avoid that, it is recommended to purchase life insurance and if possible, to add some riders.

Even an accidental death rider is important for your life insurance plan. This rider pays increased death benefits if the insured dies as a result of an accident. In most cases, the policy pays twice the amount of death benefits and this rider is also called a “double indemnity rider”. Insurance riders, like accidental death rider, make a policy more effective and extend coverage and death benefits.

Of course,  adding those riders will make the premiums a bit more expensive. It is not recommended to have too many riders, just 2 or 3 that you consider more important and appropriate.  Most companies allow you to buy it anytime during the term of the policy, as long as the base policy is in force.

So even if you have already bought a term insurance plan, speak to the company and get the ADBR attached. ADBR cannot be bought on its own.So you are now ready to go ahead and buy your term insurance plan with Accidental Death Benefit Rider.

Before adding them, talk with your insurer and make sure you understand all the terms and conditions. For example, accidental death rider does not pay off increased benefits if you die in an accident caused by practicing a dangerous sport. There are exceptions and you should be aware of them.

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