Riders & Features: Customize your coverage to stretch the value of your group term life insurance


Life can be complicated. Sometimes you need life insurance tailored to meet your specific needs—so it fits just right. Riders allow you to tailor your life insurance coverage to give you flexibility to meet your changing circumstances and grow with you and your family.

A rider is separate from your basic coverage and provides additional optional benefits. Riders generally come at an added cost, while others are automatically included at no additional fee. Either way, you should already have demonstrated a need for life insurance before considering a rider.

Several available riders provide a wide range of benefits to help you meet your more immediate and long-term goals, depending on the coverage you’ve chosen. These riders include the following:

  • Accidental Death and Dismemberment. This rider provides an additional benefit if you should suffer a dismemberment or die as result of an accidental injury. This benefit may be included with your base life insurance coverage or offered as an additional rider. Its benefits vary based upon your [Association Name] benefits and type of injury.
  • Automatic Benefit Increase. This feature automatically increases your coverage each year (typically according to a fixed increment) to keep pace with your anticipated changes in income and needs. Since your benefit increases, your premium costs will adjust accordingly, but you will not need to undergo additional medical underwriting on the new coverage amount.
  • Chronic Illness Rider. This rider provides you with access to up to 50% of your existing life insurance benefit while you are living if you suffer a qualifying chronic illness. This allows you to get money to use as you wish and help defray costs resulting from a chronic illness or a permanent cognitive condition. You can use the money however you want, when you need it most, while leaving the remaining life insurance benefit to your beneficiaries when they need it most.
  • Waiver of Premium. This rider allows you to continue your coverage without paying the premium if you become seriously ill or disabled and are unable to earn an income to pay the premium. You may be required to show you are unable to work due to illness and the benefit may exclude pre-existing conditions.

Find the perfect fit
It’s important to understand these are only partial descriptions of some of the riders available at [Association Name] from New York Life Insurance Company. Moreover, not all riders are available on all policies—and the terms of certain riders may vary, even from state to state. In short, riders can give you the opportunity to extend or continue life insurance coverage at critical times for you or your family. To find out more including features, costs, eligibility, renewability, limitations, and exclusions about group term life insurance contact:

[Association Name]

This information is courtesy of New York Life Insurance Company, used with permission. It is intended exclusively for general information only.