What is a rider in life insurance?

A rider is defined as an additional benefit or option that can be attached to a life insurance policy, typically at an extra cost. Riders provide policyholders with the opportunity to customize their coverage to meet specific needs or circumstances that may not be adequately addressed by the base policy. For example, common riders include accelerated death benefit riders, which allow for a portion of the death benefit to be paid out if the policyholder is diagnosed with a terminal illness, or waiver of premium riders, which can waive premium payments if the policyholder becomes disabled.

The nature of a rider is such that it enhances the original policy without fundamentally changing its core agreement, making it a beneficial tool for policyholders seeking additional security or features in their coverage. This makes the correct answer clear, as riders are effectively enhancements rather than standard features or core agreements.

The other choices describe aspects of life insurance that don’t accurately represent the function or definition of a rider in the same way. Standard features are typically included in all policies, exclusions detail what is not covered, and the main policy agreement is the foundational element of the insurance contract itself.