What is a term rider in life insurance?

A term rider in life insurance is designed to enhance an existing life insurance policy by providing additional coverage over a specified period. This addition is typically a temporary measure, allowing the insured to increase their coverage without the need to purchase a separate policy. The term rider is beneficial for those who may have short-term needs, such as covering debts, education expenses, or other financial responsibilities that may arise for a limited time.

This option accurately reflects the nature of a term rider, which is fundamentally about adding extra coverage for a designated timeframe. As a result, individuals can ensure they have adequate financial protection during critical periods in their lives while maintaining their original policy's terms.

The other options pertain to different concepts in life insurance. For instance, an increase in premium costs is a characteristic of some riders but isn't specific to term riders. Reducing coverage amounts upon claims and canceling a policy upon the insured's death contradict the purpose of providing additional security; instead, they relate more to other policy provisions or types of coverage. Therefore, recognizing the core function of a term rider as a temporary increase in coverage clarifies why the selected answer is accurate.