What are "riders" in an insurance policy?

Riders in an insurance policy refer to additional modifications that enhance the coverage provided by the base policy. They can be attached to various types of insurance, including life and health insurance, to tailor the policy to meet specific needs or circumstances of the policyholder.

By incorporating riders, an insurer allows policyholders to customize their coverage with features such as accelerated death benefits, waiver of premium, or coverage for critical illnesses. This flexibility ensures that individuals can better protect themselves or their beneficiaries against various risks that may not be covered by the standard terms of the insurance policy.

Standard benefits typically comprise the basic coverage included in a policy without any additions, while basic terms of coverage are fixed aspects of the policy that are not subject to modification. Punitive measures for dishonesty do not align with the concept of riders, as they are legal consequences rather than enhancements to an insurance policy.