9 Types of Riders That Can Be Attached to Life Insurance in Singapore

I hope someone show me something like this before I buy any insurance!

This overview of additional insurance riders ensures that during tough times, your premiums won't weigh you down. These riders not only provide extra benefits beyond the main policy but also offer relief by waiving premiums if you're unable to pay them.

Waiver of Premium Rider

Under this rider, premiums are waived if the policyholder becomes disabled or is diagnosed with a critical illness. The covered events typically fall into two categories:

1. Total and Permanent Disability (TPD)

2. Critical Illnesses

Total and Permanent Disability (TPD) Rider

This rider offers benefits either as a lump sum or in installments in the event of total and permanent disability (TPD). It's commonly integrated into a life insurance policy.

Critical Illness Rider

In case the policyholder is diagnosed with a critical illness covered by the policy, this rider provides a lump sum payment. It can be added to various types of policies like Whole Life, Endowment, Term, and Investment-Linked Policies. There are two subtypes of Critical Illness Riders:

1. Acceleration Benefit: Upon diagnosis of a critical illness, a specified percentage of the basic sum assured will be paid out as per the policy. If it's a 100% Acceleration type, the policy will terminate upon CI Insurance claim.

2. Additional Benefit: Upon diagnosis of a critical illness, the full sum assured of the rider is paid out. The basic policy remains unaffected by the CI Insurance claim.

To receive benefits, critical illness must meet eligibility criteria and not be among the exclusions listed by the insurer.

Term Rider

This rider offers insurance coverage for a defined period. It can only be attached to a permanent policy. There exist three variations:

1. Level Term Rider: Typically used when additional life insurance is required for a specific duration, such as during the upbringing of children.

2. Family Income Benefit Rider: Usually attached to a juvenile policy, providing periodic income to a child until the end of the rider term in case of the breadwinner's untimely demise.

3. Decreasing Term Rider: The sum assured decreases annually. It's often chosen to safeguard mortgage payments, with coverage diminishing yearly.

Payor Benefit Rider

Applicable to third-party policies involving juveniles, this rider waives premiums for the juvenile policy in case of the payor's death until the juvenile reaches a specified age (usually 21 or 25).

Guaranteed Insurability Option Rider

This rider grants the policy owner the right to acquire additional insurance at specified intervals or on certain events, without the need for evidence of insurability. It ensures the policy owner maintains permanent coverage even if their insurability status changes.

Accidental Death Benefit Rider

In addition to the basic sum assured, this rider pays out an extra amount if the insured's death results from an accident. To qualify, the death must meet the insurer's criteria for accidental death (caused by external, violent, and visible means).

Accidental Death and Dismemberment / Disablement Rider

Similar to the Accidental Death Benefit Rider, this rider includes coverage for physical loss through amputation or permanent functional loss of limbs, speech, hearing, or sight due to accidents.

Hospital Cash (Income) Benefit Rider

This rider provides a fixed daily benefit during hospitalization, covering both sickness and accidents, provided the cause of hospitalization isn't excluded by the insurer. Once the maximum claimable days are reached, the rider terminates automatically.

I write this post so that I hope you won’t be the one who make the same mistake like I did. 🙌

多希望有人在我买保险前提醒我买附加险！

我写这篇帖子是希望你不会犯下和我一样的错误。

这篇附加险（Rider）总结让你在困难时期不让你的保费成为你的负担，它们不仅涵盖主保单不覆盖的福利，也为保单持有人在无法支付保费的情况下豁免保费。

豁免保费附加条款

在此附加条款下，如果保单持有人变成残疾或被诊断出患有重大疾病，其保费将被豁免。通常涵盖的事件分为两类：

1. 总和永久残疾（TPD）

2. 重大疾病

完全和永久残疾（TPD）附加条款

在发生完全和永久残疾（TPD）事件时，此附加条款提供一次性或分期的保额。它通常被纳入在人寿保险单中。

重大疾病附加条款

如果保单持有人被诊断出患有保单涵盖的重大疾病，此附加条款将提供一笔一次性支付。它可以添加到各种类型的保单中，如终身寿险、定期寿险、养老人寿保险和投资连结保单。重大疾病附加条款有以下两种类型：

1. 加速福利：一旦被诊断出患有重大疾病，根据保单，将支付基本保障总额的指定百分比。如果是1️⃣0️⃣0️⃣%的加速类型，保单将在重大疾病保险索赔时终止。

2. 额外福利：一旦被诊断出患有重大疾病，将支付附加条款的全额保障总额。但其人寿保单不受重大疾病保险索赔的影响。

要注意的是重大疾病必须符合其保单的资格标准，并且不能在保险公司列出的例外条款中。

定期附加条款

此附加条款提供了固定时间的保险覆盖，但它只能附加到永久性保单上。

1. 固定期限附加条款：需要在特定时间投入额外的人寿保险时使用，例如在养育子女期间。

2. 家庭收入福利附加条款：通常附加到少年保单，以提供在养育兼保单持有人不幸身故时，给予子女的定期收入。

3. 递减期限附加条款：其保障总额逐年减少，通常用于保障房贷支付。

付款人福利附加条款

适用于涉及未成年人的第三方保单。在付款人死亡时，此附加条款将豁免未成年人保单的保费，直到未成年人达到指定年龄（通常是21或25岁）。

保证保险选择附加条款

此附加条款赋予保单持有人在指定间隔或某些事件发生时获得额外保险的权利，且无需提供其保险能力证明。这确保了保单持有人即使其保险能力状态发生变化，仍然可以维持永久性的保险覆盖。

意外身故福利附加条款

除了基本保障总额外，如果被保人的死亡是由于意外造成的，此附加条款还将支付额外金额。但要符合资格的话，其死亡必须符合保险公司对意外身故的定义是由外部、暴力和可见的手段引起。

意外身故和残废/伤残附加条款

与意外身故福利附加条款类似，此附加条款还包括由于意外造成的肢体损失，如截肢或永久性地功能损失，以及语言、听觉或视觉损失的保险覆盖。

住院现金（收入）福利附加条款

此附加条款在住院期间提供固定的每日福利金，覆盖由疾病和意外所造成的住院需求（前提是住院原因不在保险公司排除的范围内）。一旦达到最大可索赔天数，此附加条款将自动终止。