What is a rider in a life insurance policy?

A rider in a life insurance policy is indeed an additional provision that modifies the policy. This means that it can enhance a policy or provide extra coverage that is not available with the standard terms of the policy. Riders allow policyholders to tailor their insurance coverage to better fit their specific needs by adding features like accelerated death benefits, waiver of premium, or coverage for specific conditions or circumstances.

For instance, a policyholder may add a rider that allows them to access a portion of the death benefit in the event of a terminal illness, thus providing financial support when it’s most needed. This flexibility is one of the reasons why riders are a popular choice among policyholders, as they can adjust their life insurance to accommodate changing needs over time.