Answer:
The answer would be: Accelerated death benefit, Guaranteed insurability option, Waiver of premium disability benefit
Explanation:
Guaranteed insurability option: With this rider, a policyholder can buy more life insurance in the future – for example, $20,000 or $25,000 worth of additional coverage – without having to take another medical exam.
"This rider is often a good choice for young people who believe that their income is going to grow and want to be able to buy more coverage in the future,"
Accelerated death benefit: This rider gives a policyholder the option to receive part of the policy's death benefit if he becomes terminally ill. A typical example would be the policyholder receiving 75 percent of the face value of the policy, up to $1 million. The definition of terminal illness varies from policy to policy, but Steuer says that accelerated benefits often are given to policyholders who have less than a year to live.
An advise policyholders to read the fine print on their existing policies or to ask about this rider if they're buying new policies.
Waiver of premium disability benefit: This is one of the most common types of life insurance riders. If the policyholder becomes disabled, this rider will pay for the life insurance policy premium so that the policyholder can continue to have coverage for the duration of the policy.
On a term life policy, the rider pays the full premium for the duration of the policy – so if someone has a 20-year term life policy and becomes disabled with 10 years remaining on the policy, he would have his premiums covered for the final 10 years of the policy.
On a universal whole life policy, the rider is known as a "waiver of cost of insurance." The rider covers the cost of the insurance, but not the other portion of the premium that pays for the investment component of the whole life policy.
