What are "riders" in an insurance policy?

Riders in an insurance policy are amendments that provide additional coverage or benefits beyond what is included in the standard policy. They allow policyholders to customize their insurance protection according to their specific needs or preferences. For example, a health insurance policy might have a rider that adds coverage for a specific type of treatment or a critical illness. This flexibility enables individuals to tailor their coverage without having to purchase an entirely new policy.

The concept of riders is vital because it offers a way to enhance or modify existing policies, ensuring that individuals can secure the coverage relevant to their circumstances. By adding or adjusting riders, policyholders can effectively mitigate potential gaps in coverage while accommodating changes in their health or lifestyle needs over time.