Traditional life insurance policies host a large quantity of riders to add extra fire power to your purchase. No exam life insurance riders vary from those since there is limited underwriting involved, so you can expect less of a choice. Below we have listed some of the no exam life insurance riders which are offered most often.
This rider is on most policies anymore, whether traditional life insurance or no exam life insurance. The accelerated death benefit rider is responsible for forwarding the death benefit to you while you’re still alive. If the primary insured has been declared terminally ill, this rider can give access to up to half of the death benefit immediately. The maximum typically allowed to be accessed is $250,000, and the minimum is $25,000. Any amount not accessed while living will be paid upon death. This rider is very common, and most likely available from all companies.
The accidental death rider additional death benefit attributed to the payout, but only when the cause of death is an accident. If cause of death is purely due to health, suicide, criminal instances or other exclusions, this benefit will not pay out. Accidents are those which the primary insured was at no fault. The limits of coverage start at $25,000 and go as high as $250,000 for no exam life insurance policies. This is also one of the more common no exam life insurance riders and is able to be purchased by most carriers.
The children’s term insurance rider is one of the select few no exam life insurance riders which covers someone other than the primary insured. Typically limited to $25,000 in maximum coverage, the children’s term insurance rider is additional benefit covering the life of a legal dependent of the primary insured. This rider does have an age expiration, usually 18 years old. From some companies, this rider does allow for the child to branch off the main policy and purchase their own without proof of health. For no exam life insurance policies, this rider is dependent on the carrier for availability.
The critical illness rider is available for no exam life insurance policies, but generally not on a rated policy. Because this rider pays benefits ahead of time for major health risks, there can be no sign of such health risks prior to application. Major health risks are those such as stroke, heart attack and cancer, just to name a few. The payout is a portion or percentage of the death benefit as an advance, and the amount is then removed from the final death benefit when applicable. Not all companies offer this rider at this time.
The disability waiver of premium is available by all carriers, subject to qualification of age and health. This no exam life insurance rider will pay your life insurance premiums for you if declared disabled for 6 months or longer. The benefit stops when you are no longer disabled, and you are required to resume premiums as normal. The purpose of this rider is to temporarily (although sometimes permanently) remove the monthly bill burden while disabled to avoid a lapse in coverage.
Also known simply as the DI rider, this rider pays the primary insured a predetermined amount of income on a regular basis if a disability occurs. Much like a privately purchased disability income policy, once declared disabled, the primary insured receives income but the payout is usually much less and not long term. This is only supposed to be used as a supplemental, and never primary source of income if disabled.
While the other insured rider acts similarly to the children’s term insurance rider, it’s for those seeking coverage who are not minor dependents of the insured. Prime examples are children over a certain age, spouses, or even someone non-family where an insurable interest is established. Other insured riders have maximum death benefits allowed which also can’t exceed that of the primary policy. They come in short duration to long duration where available.
Few of the no exam life insurance companies offer this rider, and it’s also limited to no exam life insurance policies of 20 years or longer. The return of premium rider literally returns all premiums paid over the life of the policy back to the payer, plus a stated interest rate amount. The only qualification for this rider is to complete the entire policy’s duration. This rider also tends to be expensive, but for the savvy buyer who doesn’t like to waste a single dollar, this can come in handy over the long haul.
If you are considering a no exam policy for yourself, begin the process now by getting a free quote.