Wisconsin Life Insurance Riders

Living Needs Rider

Provides for the payment of part of the policy death benefit if the insured is diagnosed with a terminal illness that will result in death within 2 years. Purpose is to provide the insured with the necessary funds to take care of necessary medical and nursing home expenses.

Family Term Rider (Family Term = Spouse Term + Children's Term)

incorporates the spouse term rider along with the children's term rider in a single rider. When added to a whole life policy, the family term rider provides level term life insurance benefits covering spouse and all the children

Children's Term Rider

Allows children of the insured to be added to coverage for a limited period of time for a specified amount. This is Term Insurance and usually expires when the minor reaches a certain age. (18 or 21)( one Premium for ALL children)

Waiver of Cost of insurance rider

Found in Universal Life. This Rider waives the cost of insurance and other expenses, but does not waive the cost premiums necessary to accumulate cash values

Payor Benefit Rider

Found in juvenile polices which waivers the premiums if the person paying them (often the parent) is disabled or dies while the child is still a minor. the insurer will waive the premium once the individual turns 21

Long-Term Care (LTC)

Health and social services provided under the supervision of physicians and medical health professionals for persons with chronic diseases or disabilities. Care is usually provided in a Long-Term Care Facility which is a state licensed facility that provides services.

Return of Premium Rider

Implemented by using increasing term insurance. When added to a whole life policy, it provides that at death prior to a given age, not only is the original face amount payable, but an amount equal to all premiums previously paid is also payable to the beneficiary. *Expires at age 60

Disability Income Rider

Typically a rider to a life insurance policy, it provides benefits in the form of income in the event the insured becomes totally disabled.

Cost of Living Rider

addresses the inflation factor by automatically increasing the amount of insurance without evidence of insurability from the insured. The face value of the policy may be increased by the cost of living factor tied to an inflation index.

Guaranteed Insurability Rider

allows the insured to purchase additional coverage at specified future dates (weddings or birth of child) or events without evidence of insurability for an additional premium *expires at age 40

spouse term rider

allows the spouse to be added to coverage for a limited period of time and for a specified amount.. the rider is usually term level insurance and usually expires when the spouse turns 65

Accidental Death Rider

pays some multiple of the face amount if death is the result of an accident as defined in the policy. Death must occur within 90 days of such accident. Benefit is normally (double indemnity) the face amount. Some policies pay (triple indemnity) for accidental death

Accelerated (Living) Benefits rider

permits the insured to use benefits before death if the insured is terminally ill. Qualified early payments are received tax-free by the insured. Maximum Benefit is usually 50% but for legal reasons the insurer may pay up to 100% *Remember This Accelerated benefit = early payment of part of the death benefit to the insured rom the insurer for qualifying medical expenses.

Disability Rider

provide benefits in the event of the insureds disability while others provide for partial payment of the seat benefit prior to the insureds death, called accelerated or living benefits riders

Other Insured Rider

provides coverage for one or more family members other than the insured. Rider is usually level term insurance, attached to the base policy covering the insured. (also known as Family Rider)

The Waiver of Premium Rider

should the owner be disabled and cant earn an income, after 6 months, all premiums will be paid by the insurer during the disability period. Most insures impose a 6 MONTH waiting period from the time of disability until the first premium is waived. Insured must meet the policy's definition of total disability to qualify for benefit