Life assurance policies offer important protection and serve as an investment vehicle for both the policyholder and their beneficiaries. However, standard life assurance policies usually leave little room for modification or customization, beyond choosing the coverage amounts. Events in one's life following acquisition of a policy may necessitate a change, or addition in beneficiaries. Such events may include marriage, birth of a child or divorce.
Life assurance riders play a vital role in enabling a policyholder to tailor insurance products to their specific needs. A life assurance rider serves as a provision to a life policy that allows the policyholder additional benefits. Riders are purchased separately from the basic policy, and at an additional cost depending on the type of rider and level of additional benefit, among other factors.
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