A rider in insurance parlance is an additional benefit added on to an insurance policy which requires the payment of an additional premium. By purchasing various riders, you can customize your insurance policy to best suit your needs. Riders can expand the scope of your insurance policy at the payment of an extra premium, which is more cost-effective than increasing the sum covered of your insurance policy.
For instance, if you suffer a permanent disability or are taken down by a critical illness, it could leave you jobless and without a source of income. If you have just a simple life insurance cover, it will not protect you against a loss of income which is caused by a critical illness or a permanent disability. In such a situation it would become really difficult for you to manage household expenses and make both ends meet.
And with people getting critical illnesses like a heart attack even in their middle ages, they may be forced out of work at a ripe young age, after which they only become a burden on others. The treatments of such things, moreover, are skyrocketing, and without riders it could land you in heavy debt traps. To avoid such a dire eventualities, it is critical for you to purchase suitable riders to make your insurance policy more comprehensive and able to cover any unforeseen mishaps.