Often freeAccelerated death benefit rider
~$5/moChild term rider for $10,000 of cover
3x+Possible premium increase with return of premium
~6 monthsTypical waiting period for waiver of premium
Key takeaway: Riders add features to a life insurance policy, usually for an extra cost. The accelerated death benefit rider is often included free and is valuable. Conversion rights, waiver of premium and child riders can be worth adding for some families. Return-of-premium riders are expensive for what they return. Most riders must be chosen when you buy.
How we put this guide together: Rider descriptions and costs come from NerdWallet’s guide to life insurance riders and insurer policy materials. Availability, limits and prices vary by insurer and state. Figures were checked in October 2026; your own price depends on your age, health and the insurer. See our advertiser disclosure.

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Common riders at a glance

RiderWhat it doesTypical costPolicy types
Accelerated death benefitPays part of the death benefit early if you’re terminally ill (sometimes for other events)Often free; a fee may apply when usedTerm and permanent
Waiver of premiumPays your premiums if you become totally disabledAdds noticeably to premiumsTerm and permanent
Term conversionLets you switch term to permanent cover without a new examUsually built inTerm
Child termSmall death benefit for each child, often $5,000–$25,000About $5 a month for $10,000Term and permanent
Guaranteed insurabilityLets you buy more cover later without health questionsSometimes free; otherwise a small chargeMainly permanent
Accidental deathExtra payout if death is from a covered accidentExtra premiumTerm and permanent
Long-term care / chronic illnessLets you use the death benefit for long-term care costsRaises premiumsMainly permanent
Return of premiumRefunds premiums if you outlive a term policyHigh; can more than triple the premiumTerm

Source: NerdWallet guide to life insurance riders.

Riders worth considering

Accelerated death benefit

If you’re diagnosed with a terminal illness, this rider lets you receive part or all of the death benefit while you’re alive, to pay for care or put affairs in order. Some versions also cover organ transplants, life support or permanent nursing home care. Many insurers include it at no extra cost, though some charge a fee when you use it. Payouts reduce the eventual death benefit and can affect eligibility for Medicaid or Supplemental Security Income.

Term conversion

Most good term policies let you convert to permanent cover without a medical exam before a set age or policy year. If your health declines, this can be the only way to keep cover after the term ends. Check the deadline and which permanent products you can convert to before you buy.

Waiver of premium

If an illness or injury stops you working, the insurer pays your premiums so the policy doesn’t lapse. There’s usually a waiting period of about six months, and cover normally ends at 65 to 70. It must be added at the start, and it can add meaningfully to the premium. It’s most valuable if you don’t have separate disability insurance.

Child term rider

Covers all your children under one rider for a small monthly charge, often around $5 for $10,000 of cover, until a set age (often about 25). Children can usually be added without medical exams, and some riders let a child convert to their own permanent policy later, which can matter if they develop a health condition.

Riders to think twice about

Return of premium

Refunds your premiums (excluding fees and other riders) if you outlive the term. It sounds attractive, but it can more than triple the cost. Investing the difference yourself usually leaves you better off, and the refund doesn’t keep up with inflation.

Accidental death

Pays extra only if death is from a covered accident within a set time, such as 90 days, with many exclusions. Your family needs the same money whatever the cause of death, so buying enough regular cover is usually better.

How to choose riders

  1. Confirm the accelerated death benefit and conversion rights are included.
  2. Add waiver of premium if a disability would make premiums hard to pay.
  3. Add a child rider if you have young children and want low-cost cover for them.
  4. Compare the cost of a rider with buying the same protection separately.
  5. Ask for written rider terms: definitions, waiting periods, age limits and caps.

Ready to compare policies? See our insurer comparison and term vs. whole life guide.

Frequently asked questions

What is the most useful life insurance rider?

For most people, the accelerated death benefit rider (often free) and a term conversion option. Waiver of premium is valuable if you lack disability cover.

Can I add a rider after buying a policy?

Usually not. Most riders must be chosen at purchase, though a few can be added later with underwriting.

Is a return-of-premium rider worth it?

Usually not. It can more than triple the premium, and investing the difference typically produces more money.

How does an accelerated death benefit rider work?

If you’re terminally ill, you can receive part of the death benefit early. The amount is deducted from what your beneficiaries later receive.

What does a child rider cover?

A small death benefit for each covered child, often $5,000 to $25,000, until a set age, for a low monthly cost.

Sources

Insurance prices, discounts and rules change often and vary by state. Figures were checked in October 2026; confirm details with the insurer or your state insurance department.