By OLPolicy | Licensed Insurance Specialists | (866) 757-5350
When you buy a final expense insurance policy, the base policy covers one essential thing: a death benefit paid to your family when you pass away. That alone is valuable. But the truth is, a base policy isn’t one-size-fits-all – and the insurance industry knows it.
That’s where riders come in.
A rider is an optional add-on you attach to your base policy that customizes your coverage. Some riders add extra financial protection. Others give you access to benefits while you’re still alive. A few protect your coverage from lapsing if life gets hard financially.
Most seniors have never heard of half these riders – and many agents don’t bother explaining them. This Final Expense Insurance Riders Guide changes that. We’re going to walk you through every major rider available today, what each one actually does, what it costs and – honestly which ones are worth it and which ones you can probably skip.
| 💡 Quick Answer
A rider is an optional add-on to your final expense insurance policy that expands or customizes your coverage. Common riders include accidental death benefit, accelerated death benefit (for terminal illness), waiver of premium and return of premium. Each one adds a specific protection – and usually a small extra cost to your monthly premium. |
Think of your base final expense policy as a car. It runs. It gets you where you’re going. But you can add features heated seats, a backup camera, extended warranty to make it better suited to your specific needs.
Riders are those upgrades. They’re optional, they’re attached to the base policy at the time of purchase (and sometimes after) and they come with their own specific terms and conditions.
Here’s what all riders have in common:
| ⚠️ Not All Carriers Offer All Riders
Rider availability varies significantly between insurance companies. One carrier may offer five riders; another may offer two. This is one more reason why working with an independent agency like OLPolicy – which compares multiple carriers – gives you access to more options than going directly to a single company. |
Here’s a quick overview of every significant rider you’re likely to encounter when shopping for final expense insurance. We’ll go deep on each one in the sections that follow.
| Rider Name | What It Does | Typical Cost | Worth It? |
| Accidental Death Benefit | Doubles payout if death is accidental | $3–$8/mo | Often yes |
| Accelerated Death Benefit | Access benefit early if terminally ill | Often free | Absolutely |
| Waiver of Premium | Premiums waived if you become disabled | $4–$10/mo | Situational |
| Return of Premium | Refunds premiums if you outlive a set period | $10–$25/mo | Usually no |
| Child/Grandchild Rider | Adds small coverage for children or grandchildren | $3–$7/mo | Situational |
| Spouse Rider | Adds coverage for your spouse under the same policy | $15–$40/mo | Sometimes |
| Chronic Illness Rider | Early payout if diagnosed with chronic illness | $5–$12/mo | Often yes |
| Disability Income Rider | Monthly income if you become disabled | $8–$20/mo | Situational |
| Guaranteed Insurability Rider | Buy more coverage later without new health exam | $2–$6/mo | Rarely needed |
| Long-Term Care Rider | Covers nursing home or in-home care costs | $15–$40/mo | Yes, if eligible |
| 🚗 Accidental Death Benefit (ADB) Rider
Also called: Double Indemnity Rider |
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| What It Does | If the insured dies as a direct result of a covered accident – a car crash, a fall, drowning, or other qualifying sudden event – the insurance company pays double (or sometimes triple) the base death benefit. |
| Best For | Seniors who are active, travel frequently, or have dependents who would be especially impacted by an unexpected accidental death. Provides extra protection at a low additional cost. |
| Typical Cost | Typically $3–$8/month depending on age and benefit amount. One of the most affordable riders available. |
| Watch Out For | Accidental death must meet the carrier’s specific definition. Deaths from illness – even sudden ones like a heart attack – are not covered. Most policies also exclude certain high-risk activities. |
Example: You have a $15,000 final expense policy with an accidental death benefit rider. You pass away in a car accident. Your family receives $30,000 instead of $15,000 – double the benefit, at a cost of just a few extra dollars per month.
| 🏥 Accelerated Death Benefit (ADB) Rider
Also called: Terminal Illness Rider or Living Benefit Rider |
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| What It Does | If you are diagnosed with a terminal illness and given a life expectancy of typically 12 to 24 months, you can access a portion (often 25–100%) of your death benefit while you’re still alive. The remaining benefit, if any, is paid to your beneficiary when you pass away. |
| Best For | Any final expense policyholder – this rider is arguably the single most valuable add-on available and is offered free by many carriers. It transforms your death benefit into a living benefit when you need it most. |
| Typical Cost | Often included at no extra cost. Some carriers charge $2–$5/month. Always ask if it’s included before assuming. |
| Watch Out For | The amount you access reduces the death benefit paid to your beneficiary. Using this rider has tax implications in some cases – consult a tax professional before accessing. Qualification requires a physician’s certification of terminal diagnosis. |
| ✅ This Rider Is a Must-Have
The accelerated death benefit rider can fund hospice care, final medical treatments, or simply give you financial dignity in your final months. It converts your policy from a purely posthumous benefit into something that helps you while you’re still here. If your carrier offers it free, there’s no reason not to include it. |
| 🛡️ Waiver of Premium Rider
Also called: Disability Waiver Rider |
|
| What It Does | If you become totally disabled – meaning you cannot work or care for yourself due to illness or injury – your insurance premiums are waived for the duration of your disability. Your coverage stays fully active without any payments from you. |
| Best For | Working seniors between ages 50–65 who are still employed. If disability would make it impossible to afford premiums, this rider ensures your coverage doesn’t lapse during an already difficult time. |
| Typical Cost | Typically $4–$10/month. Older applicants (70+) may find this rider unavailable or very costly. |
| Watch Out For | “Total disability” has a very specific legal definition in the policy. You must meet the carrier’s criteria to qualify for the waiver. Many carriers stop offering this rider after age 65 or 70. Read the fine print carefully. |
Example: You’re 58, still working part-time and suffer a serious injury that leaves you unable to work. Your final expense premium is $65/month. With the waiver of premium rider, those payments are covered by the insurer for as long as you remain totally disabled – keeping your family’s protection intact.
| 💵 Return of Premium (ROP) Rider
Also called: Premium Refund Rider |
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| What It Does | If you outlive a specified period (commonly 20 or 30 years), the insurer refunds some or all of the premiums you’ve paid. You essentially get your money back if you live past the defined threshold. |
| Best For | Policyholders who want a ‘nothing to lose’ safety net. Sounds appealing in theory – but the math rarely works out in the policyholder’s favor. |
| Typical Cost | Can add $10–$25/month or more to your premium. Over 20 years, you may pay significantly more than you’d ever receive back. |
| Watch Out For | The extra premium you pay for this rider often far exceeds what you’d receive in a refund, especially factoring in the time value of money. Most financial advisors do not recommend this rider for final expense policies. The death benefit is a far stronger value proposition than the premium refund. |
| ⚠️ Our Honest Take on This Rider
Return of premium sounds attractive – who doesn’t want their money back? But the numbers rarely add up. You’re paying significantly more each month for the chance to get less back than you put in, decades later. Your premium dollars are better spent on a slightly larger base death benefit instead. We rarely recommend this rider to OLPolicy clients. |
| 👶 Child / Grandchild Rider
Also called: Child Term Rider |
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| What It Does | Adds a small amount of life insurance coverage – typically $5,000 to $15,000 – on a child or grandchild under the policyholder’s care. If the covered child passes away, the rider pays the designated benefit to help cover funeral expenses or grief-related costs. |
| Best For | Grandparents or parents who are the primary caregivers of young children and want to avoid the financial burden of a child’s funeral costs. Typically most meaningful for those with primary caregiving responsibility. |
| Typical Cost | Usually $3–$7/month for a flat benefit regardless of number of covered children at some carriers. |
| Watch Out For | Coverage ends when the child reaches a certain age (commonly 18 or 25). This rider does not build cash value. The benefit amount is small – it covers funeral costs but is not a replacement for a full child life insurance policy. |
| 👫 Spouse Rider
Also called: Spousal Coverage Rider |
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| What It Does | Adds life insurance coverage on your spouse directly to your final expense policy – meaning both spouses are covered under one policy. When your spouse passes away, their benefit is paid out; when the policyholder passes away, their benefit is paid out separately. |
| Best For | Couples who want simplified coverage management under one policy rather than maintaining two separate policies. Can be convenient, though two separate policies often offer more flexibility. |
| Typical Cost | $15–$40/month depending on the spouse’s age and the benefit amount selected. |
| Watch Out For | Benefit amounts for the spouse rider are often lower than what they’d get with their own standalone policy. If one spouse’s health history significantly differs from the other’s, separate policies might offer better rates overall. Review both options before committing. |
| 💊 Chronic Illness Rider
Also called: Living Benefits Rider for Chronic Illness |
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| What It Does | If you are diagnosed with a qualifying chronic illness – typically defined as being unable to perform two or more Activities of Daily Living (ADLs) such as bathing, dressing, eating, or using the bathroom without assistance – you can access a portion of your death benefit early. |
| Best For | Seniors who are concerned about the financial impact of a serious chronic illness diagnosis later in life. This rider bridges the gap between health insurance and life insurance for chronic care scenarios. |
| Typical Cost | Typically $5–$12/month depending on age and benefit amount. Some carriers bundle this with the accelerated death benefit rider. |
| Watch Out For | ADL qualification criteria vary significantly by carrier – read the definition carefully. Accessing this benefit reduces the death benefit your family receives. This is not the same as long-term care insurance, which covers actual care costs directly. |
Example: You have a $20,000 final expense policy with a chronic illness rider. You suffer a stroke and are no longer able to bathe, dress, or move without assistance. After submitting physician documentation, you’re approved to access $10,000 of your death benefit to pay for in-home care. Your beneficiary later receives the remaining $10,000.
| 🏡 Long-Term Care (LTC) Rider
Also called: Home Care or Nursing Home Rider |
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| What It Does | Provides monthly benefits to cover nursing home, assisted living, or in-home care costs if you become unable to care for yourself. This is one of the most comprehensive living benefit riders available – it essentially converts part of your life insurance into a long-term care benefit. |
| Best For | Seniors who do not have a standalone long-term care insurance policy and are concerned about the cost of nursing home or assisted living care (national average: $4,000–$9,000/month). This rider offers meaningful financial protection for one of retirement’s biggest risks. |
| Typical Cost | $15–$40/month or more, depending on the benefit amount and your age at application. Standalone LTC policies are far more expensive – this rider is a cost-effective middle ground. |
| Watch Out For | LTC riders on final expense policies offer smaller monthly benefits than standalone LTC policies. There is an elimination period (typically 30–90 days) before benefits begin. Coverage caps apply – once the rider’s lifetime maximum is reached, benefits stop. Not all final expense carriers offer this rider. |
| ✅ Consider This If You Have No LTC Coverage
Long-term care is the single biggest uninsured financial risk most seniors face. A nursing home stay averaging $7,000/month can deplete a lifetime of savings in under two years. If you don’t have a standalone LTC policy, adding this rider to your final expense policy is a genuinely smart way to create some protection at a fraction of the cost. |
| 💼 Disability Income Rider
Also called: Monthly Disability Income Rider |
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| What It Does | If you become totally disabled due to illness or injury, this rider pays you a monthly income – typically $500 to $2,000/month depending on what you elected – for as long as you remain disabled (up to a specified maximum period). |
| Best For | Working seniors aged 50–65 who rely on earned income and would face serious financial hardship if unable to work. Less relevant for fully retired seniors whose income is not dependent on employment. |
| Typical Cost | $8–$20/month depending on the benefit amount and your age. Higher monthly benefits cost more. |
| Watch Out For | Like the waiver of premium rider, this requires meeting a strict definition of total disability. Benefits typically have a maximum payment period (often 2 years or to age 65). Most carriers do not offer this rider to applicants over 60 or 65. |
| 📄 Guaranteed Insurability Rider
Also called: Purchase Option Rider |
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| What It Does | Gives you the right to purchase additional life insurance coverage at specific future dates – without any new medical underwriting or health questions. Your right to buy more coverage is guaranteed regardless of how your health changes. |
| Best For | Younger applicants (50s–early 60s) who anticipate needing more coverage in the future as their financial situation changes but don’t want to go through health underwriting again. |
| Typical Cost | Typically $2–$6/month. The additional coverage you purchase later will be priced at your then-current age. |
| Watch Out For | For most seniors shopping for final expense insurance, this rider is not particularly useful – their coverage needs are usually stable. The additional coverage options are also typically capped. Most final expense policyholders can simply apply for a second policy if they need more coverage later. |
| Want to Know Which Riders Are Right for You?
Our licensed specialists at OLPolicy will walk you through every rider option available – and build a policy that covers exactly what your family needs. 📞 Call OLPolicy: (866) 757-5350 |
With ten riders to choose from, it’s easy to feel overwhelmed – or to end up with a policy loaded with add-ons that inflate your premium without adding meaningful value. Here’s our honest, no-fluff recommendation on which riders matter most.
| Rider | Our Verdict | Priority | Who Benefits Most |
| Accelerated Death Benefit | Must-have – often free | ⭐⭐⭐⭐⭐ Essential | Everyone |
| Accidental Death Benefit | Worth it for most | ⭐⭐⭐⭐ Recommended | Active seniors, travelers |
| Chronic Illness Rider | Valuable if affordable | ⭐⭐⭐⭐ Recommended | Seniors without LTC coverage |
| Long-Term Care Rider | Excellent value – if available | ⭐⭐⭐⭐ Recommended | Seniors with no LTC policy |
| Waiver of Premium | Good for working seniors | ⭐⭐⭐ Situational | Ages 50–65 still employed |
| Child/Grandchild Rider | Useful for caregiving grandparents | ⭐⭐⭐ Situational | Primary caregivers |
| Spouse Rider | Compare vs. two policies first | ⭐⭐⭐ Situational | Couples seeking simplicity |
| Disability Income Rider | Working seniors only | ⭐⭐ Narrow use | Ages 50–60 still employed |
| Guaranteed Insurability | Rarely needed at this stage | ⭐ Skip for most | Younger applicants |
| Return of Premium | Math rarely favors you | ⭐ Usually skip | Almost no one |
| 💡 OLPolicy’s Top 3 Riders for Most Seniors
If you’re looking for the biggest protection upgrade with the least extra cost: (1) Accelerated Death Benefit – ask if it’s free and if so, always include it. (2) Accidental Death Benefit – doubles your payout for accidents at a very low monthly cost. (3) Chronic Illness or Long-Term Care Rider – if you have no LTC coverage, this is the most impactful living benefit you can add. |
Barbara added the accelerated death benefit rider to her $20,000 policy at no extra cost. Two years later, she was diagnosed with stage 4 lung cancer and given 8 months to live. She accessed $16,000 of her death benefit early – using it for home hospice care, a final family vacation and settling some personal affairs with dignity. Her daughter received the remaining $4,000 when Barbara passed. Without the rider, the full $20,000 would have simply sat locked until her death.
Frank was still working part-time when he bought his policy and added the waiver of premium rider for $6/month. At 63, he suffered a severe back injury that left him unable to work. His $74/month final expense premium was waived for 22 months while he recovered – keeping his policy active without touching his limited savings. He resumed paying once he recovered. The rider cost him $144 total over two years. It saved him from owing $1,628 in premiums.
Dorothy had no long-term care insurance and was concerned about the growing cost of assisted living facilities in her area. She added a long-term care rider to her $25,000 final expense policy for $22/month. At 77, she moved into an assisted living community charging $5,500/month. Her LTC rider kicked in and covered $2,000/month of those costs for 18 months – saving her family over $36,000. It was the best financial decision she’d made in years.
| ❌ MYTH: Adding riders always significantly increases your premium.
✅ TRUTH: Some of the most valuable riders – like the accelerated death benefit – are offered free by many carriers. The accidental death benefit typically costs just $3–$8/month. You can meaningfully expand your coverage for less than the cost of a coffee each week. |
| ❌ MYTH: All riders work the same way at every insurance company.
✅ TRUTH: Riders are not standardized across the industry. The same rider name can have very different terms, definitions and payout conditions at different carriers. Always read the rider’s specific language in your policy – or ask your OLPolicy specialist to walk you through the details. |
| ❌ MYTH: You can add riders to your policy at any time after purchase.
✅ TRUTH: Most riders must be selected at the time of application. Adding riders after the policy is issued is often not possible, or requires going through new underwriting. This is one more reason to think carefully about riders before you finalize your application. |
Before finalizing your final expense policy, run through these questions to make sure you’re building the right coverage:
| 📋 Questions to Ask Before You Add a Rider
Is the accelerated death benefit included – and if not, why not? | Do I have any long-term care insurance? (If no, consider the LTC or chronic illness rider.) | Am I still working and dependent on my income? (If yes, consider waiver of premium.) | Would my family be significantly more impacted by an accidental vs. natural death? (If yes, consider ADB.) | What is the total monthly premium with and without each rider I’m considering? | What specific conditions must be met for each rider to pay out? | Are these riders available at multiple carriers, or only this one? |
Writing down your answers before your call with OLPolicy will help us build the most cost-effective, fully customized policy for your situation.
A rider is an optional add-on that expands or customizes your base final expense policy. It typically adds a specific benefit – like early access to your death benefit or coverage for accidental death – for a small additional monthly cost.
The accelerated death benefit rider is the most universally valuable – it lets you access your benefit early if terminally ill and many carriers include it for free. The accidental death benefit rider is the most popular paid add-on.
In most cases, no – riders must be selected at the time of application. Some carriers allow limited additions after issue, but it’s rare and often requires new health underwriting.
Some do, some don’t. The accelerated death benefit is often free. Others like the waiver of premium or long-term care rider add $5–$40/month depending on your age and benefit amount.
If your base policy lapses due to non-payment, all attached riders lapse with it. Keeping your premium current is essential to maintaining all rider benefits.
No – rider availability varies by state due to insurance regulations. OLPolicy will confirm which riders are available in your state when building your quote.
No – they serve different purposes. The accelerated benefit pays out if you’re terminally ill (usually life expectancy under 12–24 months), while a long-term care rider covers ongoing care costs when you can’t perform daily activities. Some policies offer both.
In most cases yes – you can remove a rider by contacting your insurer, which will reduce your premium. However, once removed, you typically cannot re-add it without going through underwriting again.
A final expense policy without the right riders is like buying a house without considering the neighborhood – technically it works, but you’re leaving real value on the table.
The right combination of riders can transform a simple death benefit into a comprehensive financial safety net that protects your family before and after you pass. It can fund your final months with dignity, keep your policy alive during a financial hardship and even cover long-term care costs that would otherwise drain your savings.
The key is knowing which riders add genuine value for your specific situation – and which ones are just marketing dressed up as protection.
At OLPolicy, we walk every client through their rider options honestly. We’ll tell you which ones are worth it, which ones to skip and which carriers offer the best combination for your age, health and budget.
| Want to Know Which Riders Are Right for You?
Our licensed specialists at OLPolicy will walk you through every rider option available – and build a policy that covers exactly what your family needs. 📞 Call OLPolicy: (866) 757-5350 |
OLPolicy | Licensed Insurance Agency | (866) 757-5350 | www.olpolicy.com
This article is for educational purposes only. Rider availability, terms and costs vary by carrier and state. Always review your policy documents and speak with a licensed agent before making coverage decisions.
