When you purchase disability insurance, you will have the option to add on a number of different special riders for your registered nurse policy. A rider is nothing more than a provision which alters a policy in some way. Typically, a rider will provide additional coverage, and it will come with an additional cost. Picking the right riders for your own policy is one of the best ways to wind up with the right coverage for your needs. In this article, we are going to look at some of the riders that you may be able to consider while trying to finalize your disability insurance for registered nurse policy.
Cost of Living Adjustment Rider
We all know that life gets more expensive as we go along. Due to inflation, $1,000 a year from now will not be worth what $1,000 is worth today. With that in mind, the Cost of Living Adjustment Rider can help you keep up with inflation by gradually increasing the value of your benefit as time goes by. This is a handy rider to consider because it is easy to forget about changes to your finances while your disability insurance for registered nurse policy is in place. If years go by before you need to make a claim, you’ll want to make sure that your policy is still suitable for your needs.
Hospital Confinement Indemnity Benefits Rider
Should the illness or injury you suffer land you in the hospital for a period of time, having this rider will allow you to collect a benefit for each day that you are confined to the hospital. There is usually a period of exclusion involved with this rider – such as one day – and there will be a maximum in place for the number of days that the rider will cover.
Critical Illness Benefits Rider
Adding this rider to your disability insurance for registered nurse policy will give you the opportunity to collect a lump sum payment if you are diagnosed with a qualifying critical illness. Some potential examples include life-threatening cancer, a heart attack, a major organ transplant, Alzheimer’s Disease, and others. Of course, the exact list of conditions included in this rider will vary, so be sure to review your policy carefully for details.
Still need some help figuring out which riders will be a good choice in your case? Not a problem – Disability Insurance Coach is here to help. We’ll be happy to take the time to present you with various options, and we can answer your questions about those options. In the end, the goal is to make sure you come away with a disability insurance for registered nurse policy which is a perfect fit for your needs. With a great disability insurance policy in place, a big piece of your personal finance puzzle will be in place. Let’s get started today!