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Key Considerations When Including Life Insurance in Divorce Settlements
Impact of Riders and Add-ons: Many life insurance plans include riders such as: Critical illness cover Accidental death benefit Permanent disability rider These increase the policy's financial value and can be factored into the settlement as enhancements to the asset’s worth.
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Key Components of a Life Insurance Policy
Riders (Add-Ons): Riders are optional add-on benefits that enhance the scope of the life insurance policy; examples include critical illness coverage, accidental death benefit , and waiver of premium. They come at an extra cost but provide additional protection and flexibility, which allow policyholders to customise coverage based on personal needs, lifestyle risks, and goals.