Rider for life insurance, or add-on coverage, are extremely common on life insurance policies and the Waiver of Premium rider is one of the most common, and the most necessary. What happens to your life insurance coverage if you get sick, have an accident, or are otherwise unable to work and no longer have the money to pay your premiums? This can be a real Catch-22. You can't afford to pay for the insurance you really need and you really can't afford to let it lapse—especially if you are diagnosed as being terminally ill. Most insurance companies will drop your coverage in short order if you don't pay your premiums.

The Waiver of Premium rider is designed to protect you from such a nasty scenario. It exempts the policy holder from paying premiums while disabled and unable to work and earn the money to pay. The policy will remain in full force despite the fact that you can't pay for it.

The rider for life insurance will vary from one company or policy to the next. There will likely be some conditions attached to the benefit such as the degree of disability or the length of time you have to be disabled before it kicks in. But in the unhappy event a disabling accident or illness should strike, you'll be covered. Ask your life insurance company about the Waiver of Premium Rider. And compare companies to find the best price for it.