What are Life Insurance Riders and Are They Necessary?

December 7, 2022 By Anne

Life insurance riders are beneficial to many, but they aren’t necessary for every single policy

There are so many reasons why people need life insurance. For example, if you have children, outstanding debts, or are taking care of your aging parents, you should absolutely have a life insurance policy to protect you and your loved ones. While you’re searching for a life insurance policy, there is a good chance that you will encounter insurance policy riders. Riders are benefits that let you customize your insurance policy with specific qualifications. Riders generally improve your coverage depending on the type of coverage you require, but they come at an additional cost as well.

In this article, we’re discussing everything you need to know about life insurance riders, the different types, and whether or not an insurance rider is the right choice for you and your loved ones. However, before we get into the most common types of life insurance riders and what they do, we need to go over the basic types of life insurance and ways to secure coverage. Ready to get started? Let’s go!

Things You Need to Know Before Purchasing a Life Insurance Policy

Before we talk about the different riders you can consider, we need to talk about the different types of insurance policies

Don’t get overwhelmed by the amount of life insurance options.

As you browse for different insurance policies, providers, and riders, you’ll probably notice that getting life insurance isn’t the most straightforward process. The amount of options you have with just a simple online search can make the process difficult. That’s why we are taking a moment to break down the different insurance types you’ll encounter and what they entail.

Term life insurance is a type of insurance that protects you and your loved ones for a designated period of time. Whole life insurance—on the other hand—protects you for your whole life and guarantees a payout as long as you pay your monthly premium. The trade off is that whole life insurance tends to be much more expensive than term life insurance.

Plus, there are many people who no longer need life insurance coverage as they age. These are people who have grown children out of the house, a healthy savings, retirement plan, and no outstanding debts. In some cases, a whole life insurance policy is unnecessarily expensive.

No matter which type of policy you choose, you will have to undergo the underwriting process. Underwriting involves taking all of your application information including your questionnaire, medical records, and results of your medical exam. Due to the medical exam, the underwriting process can take up to two months. There are many people who are able to qualify with no medical exam as a way to expedite the underwriting process. Getting life insurance without a medical exam is increasingly popular as there is not too much of a cost differential and many people just don’t have the time to wait two months for approval. That said, getting life insurance without a medical exam does tend to be more expensive than if you choose to take an exam. These kinds of no medical exam life insurance policies are especially handy for people who need life insurance quickly—like people who are expecting children or taking out large loans.

Now that we know the basics about types of policies and the underwriting process, let’s learn about how riders affect your policy and your monthly premiums.

What Are the Different Types of Life Insurance Riders and How Do They Work?

Each insurance rider is designed to let you customize your policy in a way that best protects your family’s future

Do your research before deciding on an insurance policy and associated riders.

Riders can be very helpful for some people and less so for others. Make sure you are getting the right coverage by reading about the different types of life insurance riders we’ve listed below.

Accidental Death Rider

The first type of life insurance rider we’ll be discussing is the accidental death rider. With an accidental death rider, your loved ones will receive an additional sum of money should you die in an accident. In most cases—if you meet the qualifications for accidental death—the payout amount is doubled. This type of rider is a good idea if you are the primary provider for your family.

Guaranteed Insurability Rider

When you get a standard life insurance policy, you have to undergo a medical exam as we’ve discussed before. When you purchase a guaranteed insurability rider in addition to your life insurance policy, you are exempt from the medical exam should you want to change your policy amount. So, if you need to increase your policy amount due to a major life change, you can do so without undergoing a secondary medical exam.

Waiver of Premium

Life insurance is designed to protect your loved ones after you’re gone, but there are riders available that protect you while you’re alive. One of these is the waiver of premium. When you choose to add a waiver of premium rider to your policy, you are protected in the event of an injury, illness, or disability that prevents you from working. Should this happen, you no longer are required to pay your premium and are allowed to maintain your life insurance coverage.

Accelerated Death Benefit

Accelerated death benefit is another type of rider that provides additional protections while you’re alive. In the event that you are diagnosed with a terminal illness that will significantly limit your lifespan, you will be able to use the money from your policy while you’re alive. Most often, these funds go toward medical care and other end of life considerations. If you are considering purchasing an accelerated death benefit rider, then you should take the time to go over the specifics of what your insurance provider defines as a terminal illness.

Child Term Rider

A child term rider is a very specific form of life insurance rider designed to protect you in the case of the death of a child. As a rider on an existing insurance policy, the child term rider provides a payout under the condition that the child dies before a certain age. When the child reaches a certain age, the rider is then converted into a permanent life insurance policy. In many cases, the converted policy amount is much larger than the rider and does not require a medical exam.

Long Term Care Rider

When you purchase a long term care rider, you are purchasing protection should you need assisted living services or another type of long term care. There are also types of long term care insurance that you can purchase separately. Your long term care rider will provide you with a monthly payout that you can use to pay for care.

Return of Premium

In order to maintain coverage with any type of life insurance policy, you need to pay your monthly premiums. When you purchase a return of premium rider, you can get your monthly premiums paid back to you should you outlive your life insurance policy. Should you pass away during the term, your loved ones will receive your policy payout in addition to the sum you paid toward your return of premium rider.

Do I Need a Life Insurance Rider?

Though not everyone needs a life insurance rider, they are helpful to many

Life insurance riders aren’t for everyone.

With all of these different types of riders, getting the right kind of insurance coverage probably seems confusing. However, these days it is easier than ever to compare different policy types and find the coverage you need. There are a lot of handy tools you can find online that let you compare quotes and weigh the pros and cons of each policy type. You can also reach out to an insurance agent if you feel you need extra advice. Ultimately, the decision to add riders to your insurance policy is up to you and your coverage needs. While some riders may be super valuable to some, others are unnecessary. So, by evaluating your needs and doing your research, you can decide whether or not you want to purchase a rider to expand your coverage.

Anne

I'm a mother of 2 who likes to get involved in too much! Besides writing here I started a non-profit, I'm on the PTO board, very active in my community and volunteer in the school. I enjoy music, reading, cooking, traveling and spending time with my family. We just adopted our 3rd cat and love them all!

Why You Should Start Cooking As a Family

December 2, 2022 By Anne

Home cooked meals are one of those things that families want to start considering, but you might be wondering whether it’s worth the effort. After all, family life is incredibly busy and cooking can fall down the list of priorities, especially when there are easier options.

But here are some reasons to consider cooking as a family.

Image Credit.

Eat More Healthily

One thing that’s on everyone’s minds lately is a healthy lifestyle. It can be hard to eat and live more healthily, especially when you have a busy schedule to contend with on top of trying to keep your family happy and fed.

However, cooking meals at home makes it far easier to make sure that you’re all getting a good, balanced diet. True, it’s a little extra effort when compared to getting takeout, but you know exactly what’s in the food you’re eating.

Not only that, but you can save time and money by cooking at home. Takeout is convenient, but you can often cook a far healthier and cheaper meal at home. If you pick a quick recipe, you can be eating dinner in about fifteen minutes, potentially cutting down on your wait.

Another option is to get ready meals, but these meals are often filled with sugar, salt, and fat to make them more appetizing. Even then, you can enjoy cheaper and tastier meals if you make it yourself.

Dietary Restrictions

Speaking of eating more healthily and controlling what you eat, cooking at home is often the only option for anyone who has dietary restrictions. While restaurants and ready meals are better at catering for people with certain allergies or restrictions, you still have to deal with the risk of you or your children eating what you shouldn’t.

But if you cook at home, then you can make delicious food without having to worry about this risk. You can even make delicious treats like these chocolate chip sugar cookies for children and adults to enjoy, so nobody feels like they’re missing out.

Cooking at home means that you can be more imaginative about what your family eats as well. You can quickly develop a collection of tasty, high quality recipes that you can whip up. You can even prepare them in advance to save time and effort, not to mention money.

Bond As a Family

One benefit to cooking meals at home that often goes forgotten is that you can bond as a family. Rather than relegating the cooking to one parent, make cooking a team effort. When your children are young, you can use it as an opportunity to teach valuable life skills.

Everyone should know how to cook so that they can be more self-sufficient. Start with cooking things together that everyone enjoys, teaching your children how to work safely and to have fun with it. As they get older, you can ask your child to cook for one night in the week, so they can take on the responsibility of planning and preparing meals for a family.

Anne

Tips For Spending More Quality Time With Your Family

November 12, 2022 By Anne

Most families would love to spend more time together, but they often find it challenging to do so. Between work, school, and other activities, there just isn’t enough time in the day. However, with a little bit of organization and planning, you can easily create more opportunities for quality family time. So here are a few tips to get you started:

Photo by August de Richelieu

1) Schedule Some Family Time Into Your Week

One of the best ways to ensure that you spend more time with your family is to actually schedule it into your week. This could be a regular movie night, game night, or even just an hour or two set aside for some quality conversation. You must make this time a priority and stick to it as much as possible.

When scheduling family time, it’s also important to be flexible. If something prevents you from keeping your regular schedule, don’t hesitate to reschedule for a different time. The important thing is that you try to spend time together as a family.

2) Go On A Trip Together

Another great way to spend more time with your family is to go on a trip together. This could be a weekend getaway, a week-long vacation, or even a day trip somewhere nearby. The important thing is that you spend this time together exploring new places and creating new memories.

If you want everyone in your family to have a good time on vacation, be sure to consider everyone’s interests when planning the trip. This will help ensure that everyone has a good time and that the trip is enjoyable.

3) Connect Over Your Hobbies

If you and your family members share a hobby, this can be a great way to spend more time together. Whether you enjoy playing sports, gaming, or even just working on projects around the house, this is an activity that everyone can enjoy.

Suppose your family loves musical instruments; you can consider starting a band together. This hobby can be a great way to bond with your family and spend more time together. You can even take turns practicing and performing for each other to make it even more fun. Just be sure that you have all the right equipment as per singularsound.com, to ensure that everyone sounds great.

4) Make Meals Together

Eating together is a great way to spend more time with your family. Not only will you get to enjoy a meal together, but you can also bond while you cook or bake. This is an excellent activity for families with young children as they can help out with food prep.

If you want to make mealtime even more fun, try having themed nights where everyone dresses up or cooks a specific type of food. This can be a great way to add some variety to your meals and have some fun at the same time.

There are many ways that you can spend more time with your family. Just be sure to be creative and make it a priority. You’ll be surprised at how much closer you become with a little effort.

Anne

What Are The Best Creative Hobbies To Do With Your Family

October 30, 2022 By Anne

In a world full of screen time and video games, it might feel like an uphill battle to find something to do with your kids that is both interesting, enjoyable, and creative. But there are times when you just want to spend quality time with your loved ones, and being creative together as a family is a great way to bond in a new way. Your kids will be able to follow their own curiosities and let their imaginations run free.

If you feel like you’ve hit a creative wall, here are some fun and inventive activities for you and your loved ones to enjoy together.

Photo by Pixabay

Research Your Family Tree

Researching your family tree is a fun experience that can teach you – and the rest of your family – a lot. It’s also something that can easily be dipped in and out of, ensuring that it never takes up too much time but is always there when anyone has a spare moment or is looking for something to do.

It’s not necessary to use anything fancy to create a family tree, just a series of lines, names, and dates. You may even make a family tree out of pictures, sketches, and anything else you can think of. The whole family can get in on the fun this way. This pastime might encompass everything from online genealogy research and picture cutting to hand-drawn family trees.

Cooking And Baking

Everyone needs to learn how to cook, and once your children are fully able to understand instructions and use items of kitchen equipment safely, cooking with them can be an ideal way to enjoy a hobby together. You can teach them how to cook long-held family recipes, or you can learn together and learn how to make tikka masala in instant pot, for example.

Or perhaps baking is more your style. That’s a great hobby to do with your whole family too, and it’s very creative. Although the recipes have to be followed to the letter (which isn’t necessarily the case with cooking), the decoration aspect is where you can really shine when it comes to using your imagination.

Gardening

There are many reasons why gardening is a great hobby. One thing you can do is get help with organizing your outdoor area. You will also be able to explain to your kids how plants grow.

This is a great idea if your child doesn’t like the usual arts and crafts. When you hear the word “creative,” gardening might not be the first thing that comes to mind. But it is a great way to help your child discover their own creativity.

Make Your Own Games

This is a great way for everyone to let their imaginations run wild. Most likely, your kids will spend all their free time playing games they make up on their own. So why not use that to make something you can all do?

Your kids can come up with the game’s themes and main ideas. They can also make the board, the cards, and anything else they want. And you can show them how to do it by showing them the structure, logic, and general rules.

Anne

What To Consider If You Want To Add A New Child To Your Family

October 10, 2022 By Anne

You can add a new child to your family in many different ways. It’s always going to be both exciting and stressful for everyone involved, but you and your family should always feel more excited than anything else. Since this is the case, this article about some of the ways you can add a new child to your loving family should help you get ready and make the right decision for you. Read on to find out more.

Photo by RODNAE Productions

Pregnancy

The first way we’ll look at is through pregnancy. This is the “typical” way to add a new child to your family, but that doesn’t mean it’s the only or best way. But when you have a baby this way, your DNA and that of your partner are mixed together to make a new life that is half of each of you. When you find out you’re pregnant, you might feel a lot of different things at once, and you need to remember that your body is going to change a lot. Getting ready for this can be hard, but you can do it if you plan carefully.

Fostering

Fostering is the next way we’re going to look at. Even though this person isn’t usually a permanent part of your family, they are still a part of you for as long as they stay. Fostering is usually for kids whose parents can’t take care of them anymore, and children’s services tries to find them a temporary family. Most of the time, these youngsters have been through something terrible, so it’s important to accept them and love them as if they were your own.

We know that most foster families already do this, but it’s still important to point it out. You can’t do more for one of these children than give them a safe, loving place to stay while their parents work on their case plan or look for a family to adopt them. Foster care can be hard to do because they usually have to leave at some point, but you know you gave them something they needed, so it is always worth it.

Adoption

Adoption is the process of bringing a new child into your home and making them a permanent part of your family. This can happen through foster care or private adoption, but make no mistake, it is a hard process. It’s not as easy as finding a child you love and making them your son or daughter. Home visits, background screening, many interviews, and other similar processes can add up to significant time and effort, sometimes stretching over years. But when you find the child you love with all your heart, this whole process seems like nothing compared to the love and joy they will bring into your life.

Adoption isn’t for everyone, but for those who can make it work, it’s a great way to give a child who doesn’t have a family a new start in life. Many kids who end up in the system have had hard lives because their parents were gone, died, couldn’t take care of them, etc. Often, older kids still want to be close to their parents, which is understandable, but it doesn’t mean you love them less. Most of the time, what they need is a new start, and you need them just as much.