Auto and Car Insurance

can all insurance riders be attached to a basic life insurance policy at the same time?

Public Comments

1. No, some of them would conflict. Easiest example: Rider #1 says, Fred gets 100% of procedes. Rider #2 says, Jane gets 100% of procedes. Conflict! So they are dated, and if there's a conflict the most recent rider is enforced.
2. Riders are additions to to the contract that offer benefits not found in the basic policy. Riders are used to customize the policy to fit your unique needs. Some common riders are: Accidental death benefit Accelerated death benefit Guaranteed insurability rider Level term rider Waiver of premium rider Children or family rider It is unlikely that you would purchase all these riders but I think what you are asking is if riders must be attached at the time of purchase. The answer is yes. For example you can't buy the policy and then at a later date decide you want to add the guaranteed insurability rider. Unlike auto insurance where you can change the coverage of your policy by use of endorsements a life insurance policy cannot be altered by adding riders at a later date. Of course, beneficiary changes are allowed at any time. But a change of beneficiary is not considered a rider as it does not alter or add benefits to the contract it merely changes who will receive the proceeds of the policy