Additional Insurance Features

June 10, 2016

Being in the 21st century we always look for items or products that cater to our needs. From being able to customize our phone plans, meals, and even our orders of coffee.

Like how you treat your mobile applications, insurance can somehow be customizable according to your lifestyle. Insurance companies in the Philippines offer clients, what is usually called a rider.

A rider is an add-on feature that is also paid for separately in healthcare insurance plans and life insurance plans. Some rider features include:

Accidental Death Benefit

For life insurance plans, the usual benefit is the basic life benefit, meaning the listed beneficiaries are to receive a specific amount in the unfortunate event should you pass due to natural causes.

We can never tell when one will meet an accident. This benefit prepares you and your loved ones for that possibility. For the accidental death benefit, the life benefit automatically doubles if you were to pass away due to an accident.

Waiver of Premium Due to Disability

Falling gravely ill or being injured makes one physically incapable of paying off the bills. What was already a challenge before becomes even more difficult. The waiver of premium due to disability exempts the policyholder from paying the due premiums in the even that they become physically incapable of paying them.

Hospital Income Benefit

The usual basic coverage of health insurance plans are for inpatient and outpatient recoveries. The hospital income benefit counts for each day that you are confined in a hospital. This is a daily allowance given to you, depending on the number of days of your confinement.

Critical Illness Benefit

Some insurance plan rarely cover hospitalization caused by critical illnesses. If you are diagnosed of a critical illness this includes but does not exclude a heart attack, stroke, cancer, coronary artery bypass surgery and end-stage renal failure requiring dialysis.

This benefit provides the insured with a lump sum to aid them in their recovery process.

Each rider varies, depending on your present plan, its coverage period, as well as your age.