What is the primary purpose of a rider in a life insurance policy?

The primary purpose of a rider in a life insurance policy is to modify the terms or benefits of the base policy. Riders are additional provisions or endorsements that add specific benefits or coverage options to an existing insurance policy. They allow policyholders to tailor their insurance coverage to fit their individual needs or circumstances. For instance, a waiver of premium rider can ensure that premiums are waived in the event of the policyholder's disability, while an accelerated death benefit rider might allow for early payout of benefits if the insured is diagnosed with a terminal illness. By incorporating riders, policyholders can enhance their coverage without needing to purchase an entirely new policy. This customization aspect is essential in addressing specific risks or needs that may arise during the life of the policyholder.