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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!

5 Tips on Aiding Your Child’s Educational Endeavours

December 5, 2022 By Anne

via Pexels

Aiding your child in their educational endeavors can seem daunting, but with these five simple tips, you can make it a little easier. Of course, every child is different, so find what works best for your child and help them to succeed. Here are five tips to get you started.

1. Get organized

The first step to helping your child succeed in their education is to get organized. Have a plan for each day and week, so you can keep track of any activities or assignments they need to complete. Have a designated place where homework materials are kept, such as an office space or study area. Try setting up a reward system as well, like giving them stickers or gold stars when they complete their work on time. This will help motivate them and give them a sense of accomplishment when tasks are completed.

2. Set goals

Setting goals is a great way to help your child stay on track and motivate them to reach their full potential. First, talk to your child about what they want to achieve, such as getting better grades or staying organized with their work. Then, help them break these goals down into smaller, manageable tasks and create a timeline so they can see the progress they are making.

Also, make sure that the goals are realistic and achievable. Again, it’s better to start small, with something they know they can do, and then gradually increase the difficulty of their goal as they progress.

3. Be involved in your child’s education

It’s important to be involved in your child’s education, both at home and in the classroom. Talk to their teachers about how you can help support them, attend parent-teacher meetings, and ask questions about what topics they are learning or activities they are doing.

Be available for homework help when needed and offer positive reinforcement for completed tasks. Showing interest in your child’s educational progress will encourage them to keep working hard and make sure that no task is left unfinished.

4. Encourage learning outside of school

Learning doesn’t have to be confined to the classroom. Encourage your child to explore their interests and discover new topics. Offer suggestions like visiting a library or museum, reading books on different subjects, or watching educational videos and gaining more knowledge from Age of Learning. You can also introduce them to activities like coding or playing an instrument that will help them develop skills outside of school.

5. Celebrate successes

When your child succeeds, it’s important to celebrate their accomplishments. Make sure to show them that you are proud of them and appreciate all the hard work they have put in. You can also reward them with something special, like a trip to the movies or ice cream, as an additional incentive for working hard and staying focused on their goals.

These five tips will help you aid your child in their educational endeavors and set them up for success. Each child is unique and has different needs, so it’s important to be supportive and encouraging as they strive to reach their goals. With these simple steps, you can help your child get the most out of their education.

Anne

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

Finding The Flexibility You Need In Life Is A Virtue

November 29, 2022 By Anne

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It’s very easy to assume that one life situation should fit all people if it’s healthy and productive enough, but of course, that’s not the case. Some people thrive in a structured environment with essential routines that change little, others less so. Flexibility is often the most reliable virtue when it comes to setting up our life schedule, because none of us, especially those of us who might have children, wider responsibilities and varied opportunities to chase may not be able to predict everything we need to take care of in a given month.

To use an example – while many people correctly assuming that home ownership can be cheaper and more beneficial than renting on a macro scale, the convenience of renting, having maintenance attended to as part of your expenses, and being part of a contract you could leave relatively quickly if needed is appropriate, and even ideal for some.

So, let’s consider how to find the flexibility you need in life, and why you should feel guilty about taking a different route:

Remote Work & Remote Learning Is A Fantastic Resource

Many of us became familiar with remote working over the pandemic, and this simple provisions allowed thousands, even millions of businesses to survive lockdowns the world over. However, this remote working effort can apply to many areas of life. No matter if you’re seeking a hybrid role for personal work or a high school distance learning program your children as you move to a new location without a secured place in a local school, you can benefit from life flexibility when your development, and the development of your children, is free from the usual and traditional shackles. This might not work for everyone, but if it works for you, you should go for it!

Consider Planning That Aids Your Flexible Schedule

Flexibility isn’t about doing what you wish to, when you wish to. Often, it means making provisions so that you can have more choice as to where to commit to certain tasks. For instance, those engaging in meal prep Sunday have more time during the weekday, and this means they can better choose when they eat, and how much in order to thrive in the best way. It doesn’t mean they won’t have to put thought, planning and effort into curating the right meals, it just means that delaying or bringing forward their lunch or evening meal is easier to care for. As you can see, flexibility is often a provision we work for, not an entitlement we have

Personal Flexibility & Accepting Change

It’s important to note that flexibility isn’t only about expecting everyone else to conform to us, but being able to change too. This might mean properly reviewing your efforts at work and looking at where you need to improve, so you can change for the role provided to you. It might mean becoming more flexible with the times you look after your children, and the times your partner is expected to take that responsibility in your schedules. It might mean accepting overtime during a busy work period. If we can be flexible, we find that others are more willing to be flexible with us, too.

With this advice, we’re sure you’ll find the flexibility you need in life, and benefit as a result.

Anne

The Best Things You Can Do For Your Kids as a Parent

November 29, 2022 By Anne

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Being a parent is one of the hardest jobs out there. You are responsible for another human being, and everything you do or don’t do can have an impact on them. It’s a lot of pressure! But don’t worry, we’re here to help. It doesn’t have to become something that you start to overthink or feel pressure to achieve. Instead, you just need to break things down and focus on some of the core basics. Let’s take a look at some of the best things you can do for your kids as a parent.

1. Be There For Them

One of the most important things you can do for your kids is to simply be there for them. Be available to listen to them when they need to talk, and be patient when they don’t know how to express themselves. Be there to help them with their homework, and be there to share in their successes and defeats. Just being present in their lives will make a world of difference.

2. Set Firm Boundaries

It’s important to set firm boundaries with your kids, especially as they get older. Let them know what is and is not acceptable behaviour, and follow through with consequences when they step out of line. This will help them learn how to behave properly and respect authority figures. It may not be easy at times, but it’s important to stay consistent.

3. Ensure They Stay Healthy

You’re also going to want to make sure that they are as healthy as possible. Keep a stock of fresh fruit, vegetables, lean meats, and wholegrains in your kitchen and try to limit processed or sugary snacks. Also think about picking up classic recipes like chicken pot pie casserole, pot roast, and healthy pasta to alternate for dinner. It will help to give them a healthy start in life.

4. Encourage Them To Be Independent

As much as we want to protect our kids and keep them close, it’s important to encourage them to be independent too. Teach them how to do things for themselves, like tie their shoes or brush their teeth. Help them learn how to solve problems on their own. The more independent they are, the more capable they’ll be as adults.

5. Teach Them Good Values

One of the most important things you can do for your kids is teach them good values. Show them what it means to be honest, compassionate, hardworking, and responsible. Help them understand why these values are important, and how they can use them in their own lives. These values will stay with them long after they’ve left your home.

Parenting is a Tough Job – But You’re Not In It Alone!

Remember, you’re not in this alone! There are tons of resources out there to help you through every stage of parenting. Lean on your friends and family for support, and don’t hesitate to ask for help when you need it. At the end of the day, as long as you’re doing your best, that’s all that really matters.