04/25/2024
*Riders
*Endorsements
*Amendments
*Floaters
An insurance policy with additional terms/coverage/limitations not found in the standard body of the policy will list the specific details in a provision most commonly known by the above terms.
Example of a common rider: Waiver of Premium will allow you to use accumulated cash value to cover premiums in the event you become critically ill or disabled so your policy doesn’t lapse/terminate.
My own final expense policy includes an additional $20,000.00 accidental death benefit that pays out in addition to my original coverage. I also carry a road service policy with a rider that will ship me and my vehicle back home to Michigan if I pass away while working in another state.
I’m an optimist who hopes we all live long, happy, interesting lives before anyone has to plan our funeral. I’m also a realist who has had to plan a funeral for a child I never expected to outlive. In the event that fate takes me early, I do not want my loved ones to have the additional stress of having to plan a funeral with no help, or pay for that funeral with no money set aside.
Ask your insurance agent to explain available riders that may save you money over paying for separate policies to cover specific situations.
Make sure to ask about amendments that can alter your ability to file claims and be reimbursed.
When I sold furniture, the most common misconception was mattress warranties. I had a customer who had been shopping all day with different stores ask me about warranties for various mattresses.
When he explained he was not buying the mattresses and box spring (1997), I let him know the manufacturers automatically void the warranty when you don’t buy/use the traditional two peice mattresses and box spring.
I let him know that buying a more expensive mattress based on the warranty was pointless, so he could just relax and pick one that was comfortable at a price that was comfortable too.
*nobody else told him about the amendment voiding the warranty
