Life Insurance Riders
A rider is a provision of an insurance policy that is purchased separately from the basic policy and provides additional benefits at an additional cost. Riders help policyholders customize their insurance policy to meet their specific needs. Riders are subject to certain restrictions and limitations based on age and policy specifications. Some riders offered on Knights of Columbus products include:
Spousal Waiver of Premium (available on permanent and Discoverer plans)
This rider is offered without charge when simultaneous (applications - written the same date) permanent plans are purchased by a member and his wife. The rider provides for waiver of premiums on the spouse’s contract in the event of the insured’s death.
Disability Waiver of Premium (available with most permanent life plans)
This rider will waive all premium payments due on a policy during a period of total disability (as defined in the contract), if the period of total disability begins before the annual contract date nearest the insured’s 60th birthday.
Guaranteed Purchase Option Rider (available with most permanent life plans)
This option permits the insured to purchase additional amounts of permanent life insurance at predetermined points in time without providing further evidence of insurability.
Income Protection Rider (available with most permanent life plans)
This rider provides a monthly income in addition to the death benefit to the beneficiary effective the first of the month following the rider insured’s death.
Children’s Term Insurance Rider (available with most permanent and term life plans)
This rider provides term insurance on each child of the insured until either the child's 26th birthday or the annual Contract Date nearest the insured's 65th birthday, whichever comes first.
Chronic Illness Accelerated Death Benefit Rider (available with some permanent life plans)
The Chronic Illness Accelerated Death Benefit Rider provides an acceleration of the policy’s death benefit if the insured is chronically ill, as defined by the contract.
Terminal Illness Accelerated Death Benefit Rider (available with permanent plans)
The Terminal Illness Accelerated Death Benefit Rider provides an acceleration of a portion of the policy’s death benefit when the Insured has been certified as terminally ill with a life expectancy of 12 months or less.
Accidental Death Benefit Rider (available with most permanent and term life plans)
This benefit will pay an additional death amount in the event of accidental death independent of other causes as described in the rider.
Payor Death and Disability Rider (available with certain permanent life plans)
This rider provides for a waiver of premiums on juvenile policies in the event of the applicant payor’s death or total and permanent disability.
Waiver of Premium for Level Term (available for all level term plans)
This benefit will provide waiver of premiums in the event of the insured's total and permanent disability as defined in the rider.