What are riders in life insurance policies?

Riders in life insurance policies are additional provisions that modify the coverage provided by the base policy. They allow policyholders to customize their insurance plans to better meet their individual needs and circumstances. For example, a rider may provide coverage for critical illness, accidental death, or disability, adding benefits that are not included in the standard terms of the policy. By attaching riders, the insured can enhance their coverage and adjust their policy terms without needing to purchase a completely new policy.

The other options do not accurately describe the function of riders. The basic policy terms refer to the foundational elements of the policy itself, exclusive company cancellations pertain to the rights of the insurer rather than modifications by the policyholder, and discounts on premiums generally relate to pricing adjustments rather than enhancements to coverage. Thus, the definition of riders as additional provisions that modify coverage is essential for understanding how policyholders can tailor their life insurance to fit their unique needs.