An insurance rider is like a valuable feature added on to an automobile. While all automobiles can carry you from one location to another, you would not settle for just any vehicle from the lot. Instead, you would shop for the Texas automobile that matches whatever standards you are looking for. Similarly, not all long-term disability insurance is alike. One important feature to look for is the riders that the insurer offers along with the policy.
According to the Fox Business website, a rider is an add-on that can be attached to an insurance policy. A rider offers a particular benefit that can be made available to the policyholder in the event of a sudden life changing event. Some riders grant policyholders lump sums in the event they contract critical illnesses, like a stroke or a kidney disorder. These sums can help pay for the cost of treatment. Also, a policyholder who has contracted a terminal disease may have a rider that pays the holder a portion of the policy before the holder dies.
A piece in Forbes points out a number or riders that can be included on a long-term disability insurance form. Disability riders can make sure that your policy covers a partial disability instead of just a full disability. Other disability riders can factor in cost increases if cost of living expenses go up. Additional riders may govern how your claim is paid out if you have to leave your job due to a disability. Some riders will ensure your claim is paid whether or not you can find another job after being disabled.
Like any part of your disability insurance policy, having your rider documented in written form is crucial when it comes time to file a claim. Some policyholders may be turned down for a claim on the grounds that their policy does not cover the holder’s specific claim. However, if you have the rider as part of your policy, you can supply your insurer with a copy of the rider during a claim appeal process to prove that your claim should be honored.