Life is full of surprises; not having the right type of insurance when one of those surprises hits is something you don’t want.
As your health changes, so should your insurance policy to match it. A general insurability rider (GI rider) may be right for you. We’ll go over what that is and why it’s purchased.
What is General Insurability Rider Coverage?
An insurance policy “rider” is something added to your traditional insurance policy that guarantees you additional benefits. Usually, these are specific and catered for specific needs.
In essence, General Insurability Rider coverage is meant for those that have specific diseases in their family and want to ensure they have coverage for it.
For example, those that have a familial history of certain types of cancer may want to consider GI rider insurance.
These policies can be added to your traditional insurance policy, usually at specific ages. For example, you may be able to add on at ages 30, 35, and 50, or you may have yearly ranges, such as being able to add onto it at three-year intervals.
Every insurance company is different, so make sure you check with different providers to see what these coverages cost and the timeline required for adding the policy. Most won’t accept adding the policy after the age of 40.
Each company is different.
Why Should I Have Specific Coverages?
While not pertaining to health insurance, car insurers may require commercial auto policies if you are a food delivery driver. Especially if you work for an app such as Uber Eats, or Grubhub, which means you’ll be using your own car.
Health insurance riders work similarly. They’re intended to benefit you in specific situations.
Basic policies will offer you treatment for typical treatments while you’re a patient at a hospital. Comprehensive plans will cover more and more topics, but still can be generalized.
Types include indemnity rider, major surgery rider, and exclusionary riders.
Guaranteed insurability riders are niche and can be catered to your specific familial history, or something you’re at risk for.
For example, certain professions, such as singers, may need additional insurance for their voices as that’s their primary means of generating an income. Dancers need their legs working properly to dance, and musicians need a fine range of finger-movement to perform.
Consider your profession and if you’re in need of protecting part of your health for your career, an insurance rider may be right for you.
Don’t Neglect Insurance Coverage
Like above, insurance isn’t something to mess around with.
Getting proper coverage means that if something bad happens you’ll be prepared and taken care of. The same goes for your family, if something happens that impacts your ability to work or generate income.
Checking around with your current provider, or with others, may prove fruitful as you look for general insurability riders that meet your specific needs.
If you like this content and want more on health, wellness, and auto work, check out some of our blog posts below.