1. Waiver of premium provision :
According to this provision if the insured becomes totally disabled from bodily injury or disease, all premiums coming due during the period of disability are waived But for this purpose the following are the basic requirements;
- Become disabled before some stated age.
- Be continuously disabled for six months.
- Satisfy the-definition of total disability.
- Furnish proof of disability satisfactory to the insurer If premiums are paid during the period of disability, death benefits. cash values and dividends will be continued.
2. Guaranteed purchase option :
This option permits the policy owner to purchase additional amounts of life insurance at specified times in the future without evidence of insurability It is also called the guaranteed insurability option This option allows to purchase additional amounts of life insurance every three years upto some maximum age without evidence of insurability. When this option is exercised, the premium is based on the insured's attained age
3. Accidental death benefit rider :
It is also known as double indemnity and it doubles the face amount of life insurance, it death occurs as a result of an accident. For this benefit the following are the basic requirements.
• Death must be caused directly and independently of any other cause by accidental bodily injury.
• Death must occur within 90 days of the accident.
• Death must occur before some specified age such as age 50, 60 or 65
4. Cost of living rider:
It allows the policy owner to purchase one year term insurance equal to the percentage change in the consumer price index with no evidence of insurability. The policy owner pays the entire premium for the term insurance and the amount of term changes each year and reflects the cumulative changes in the Consumer Price Index (CPI) from the date of issue
5. Accelerated death benefits rider :
This clause allows insureds who are terminally ill or who suffer from certain catastrophic diseases to collect part or all of their life insurance benefits before they die, primarily to pay for the medical care they require They can be classified as
- Terminal illness rider
- Catastrophic illness rider
- Long term care rider