Every responsible earner purchases life insurance to ensure the financial security of their loved ones in their absence. For this service, the insurance holder is expected to pay regular premiums to the insurance company. However, have you ever wondered what would happen to your policy if, due to a severe injury or a critical ailment, you were unable to pay the premiums? The non-payment of a life insurance policy premium causes your policy to lapse, leaving your family in a financially vulnerable situation if something were to happen to you. This is when a waiver of premium rider can come to your rescue.

Our lifestyles have witnessed a drastic change as we take progressive steps towards development. We endure long work hours and manage stress regularly to provide for our loved ones and ensure a financially stable future for ourselves. This can adversely impact our health in the long run. As investment in term insurance is a crucial element, several financial advisors recommend enhancing your protection with a critical illness cover. This is because the diagnosis of a critical illness can result in severe losses to your savings. Moreover, the rising cost of hospitalisations and medical treatments add to the stress of dealing with a critical illness. With the purchase of a critical illness rider, if the insured is diagnosed with a critical illness that is mentioned in the policy, he/she is eligible to receive a lump sum amount to pay for the medical expenses. This supplements the patient with a much-required cash flow at the time of recovery. This is the best life insurance rider if you want to ensure that a critical illness does not taint your savings and leave your family in a compromising scenario so you can focus on a speedy recovery.

You cannot avoid commuting from one place to another, and despite being a cautious driver, accidents can occur without any fault of yours. Sometimes these accidents result in partial or permanent disability, which can affect your ability to earn. However, a disability rider can act as an income supplement in the subsequent years so that you can continue to live comfortably. On the other hand, if the policyholder passes away due to an accident, the accidental benefit rider pays the family an additional amount over and above the death benefit of the basic term insurance policy. Considering the rising number of road accidents, disability and accidental benefit rider is the best life insurance rider especially for individuals who have to travel frequently for work.