What is the role of policy riders?

The role of policy riders is to customize insurance policies according to the specific needs of the policyholder. Riders are add-ons to a standard insurance policy that provide additional benefits or modify the terms of the contract. By allowing policyholders to tailor their coverage, riders enable individuals to address unique circumstances or desired protections that are not included in a standard policy. For example, a critical illness rider can offer benefits if the insured is diagnosed with a specific condition, while an accidental death rider can provide extra coverage in case of death due to an accident. This flexibility enhances the overall utility of the insurance policy, making it more relevant to the insured's personal situation and preferences.