What types of policy riders are available?

In Maryland, policy riders are additional coverages that can be added to an insurance policy and are designed to extend the policy’s coverage beyond the base policy. Common policy riders available in Maryland are disability income riders, long-term care riders, and accidental death riders. A disability income rider provides a benefit in the event the policyholder becomes disabled due to an accident or illness. This rider provides a regular payment or lump sum payment to help cover living expenses until the policyholder can return to work. The long-term care rider is designed to cover medical expenses associated with a long-term illness or injury. This type of rider may provide coverage for home health care, nursing home care, or other specialized care for people with an illness or disability. The accidental death rider provides a death benefit if the policyholder dies due to an accident. This rider provides additional protection to cover end-of-life expenses such as funeral costs. In addition, Maryland also offers riders for personal liability, individuals living abroad, and poverty riders. A personal liability rider offers extra coverage for a policyholder’s liability in the event of an accident or personal injury. Individuals living abroad may purchase a rider to extend their existing policy coverage while overseas. A poverty rider is a type of life insurance rider that provides death benefits in the event that the policyholder passes away while in poverty. In sum, there are many types of policy riders available in Maryland that may provide additional protection to an insurance policy. It is important for policyholders to review their coverage and riders available to ensure they are adequately covered in the event of an accident or illness.

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