A former insurance producer, Laura understands that education is key when it comes to buying insurance. She has happily dedicated many hours to helping her clients understand how the insurance marketplace works so they can find the best car, home, and life insurance products for their needs.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Car Insurance Agent Daniel Walker

UPDATED: Dec 10, 2021

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Don't Miss These Facts

  • Most life insurance companies that sell term life insurance will add on life insurance riders at an additional cost
  • It’s not likely to get a free life insurance rider other than a term conversion rider
  • Life insurance riders vary in price by rider type and by company

If you’re trying to compare life insurance types and are stuck between term and permanent life insurance options, you may want to buy life insurance companies that sell term life insurance with a rider to meet your needs.

Term life insurance tends to be the most affordable, and nobody wants to overpay for life insurance. This article will identify various term riders and how to choose the best life insurance policy for your needs.

We’ll break down the life insurance companies that sell term life insurance with a rider below. But, before you move on, enter your ZIP code below to get free quotes from life insurance companies near you.

Which life insurance companies sell term life insurance with riders?

The best term life insurance companies will offer you optional features on your life insurance policy. These features are typically referred to as life insurance riders and are one of the life insurance terms you need to know.

Realistically, it’s unlikely to find life insurance companies that don’t sell term life insurance with a rider if you decide to purchase one. That said, some insurers include some riders on your policy for free.

There are some common term life insurance riders that could help make your policy more flexible or lucrative.

Common Term Life Insurance Riders

RiderDescription
Accidental death benefitPays a benefit in addition to the death benefit of the policy if the insured dies as a result of qualifying accidental injuries
Terminal illnessGives early access to a percentage of the death benefit if diagnosed by a physician as having 12 months or fewer to live
ChildPays a death benefit to the insured parent upon the death of an eligible child
SpousePays a death benefit to the insured person upon the death of an eligible spouse
Waiver of premiumWaives the policy premiums if the insured becomes completely disabled
Disability incomePays a monthly income of 1 – 2% of the face value if the insured becomes disabled
Guaranteed insurabilityGuarantees you the right to buy additional insurance, without proof of good health, at specified dates in the future
Return of premiumThe insurer will return your premiums at the end of the term, minus the additional cost of the rider
Term conversionAllows you to convert term life insurance into whole life insurance without undergoing a medical exam

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Of the common life insurance riders listed above, your best bet for a free rider or policy feature would be the term conversion rider. This life insurance rider allows you to change from a term policy to a permanent life insurance policy.

Many companies do offer this rider without charge, but otherwise, it’s unusual get any other riders for free. This is because most life insurance riders offer you benefits that would impact the insurance company financially.

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How do I know which term life insurance company is best?

Finding the best term life insurance company might be difficult since many variables are in play. Even so, there are quite a few highly competitive life insurance companies that offer term life insurance with riders.

You’ll want to make sure term life insurance is best for you first. Who needs term life insurance? Term life insurance policies are usually best for those who don’t have a ton of dispensible income but want to protect their loved ones financially if they die.

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A term life insurance policy usually has the most affordable monthly payments while still offering a significant death benefit for a policyholder’s beneficiaries.

There are many reputable term life insurance companies that would be worth looking into. The Insurance Information Institute currently has the top life insurance companies ranked in the following order:

  1. MetLife Inc.
  2. Equitable Holdings
  3. Prudential Financial
  4. New York Life Insurance Group
  5. Massachusetts Mutual Life Insurance Co.
  6. Principal Financial Group Inc.
  7. Lincoln National Corp.
  8. Western and Southern Financial Group
  9. Transamerica
  10. American International Group (AIG)

These companies are ranked by market share and are strong options for term life insurance since they are industry leaders.

How much do life insurance riders cost?

Beyond that, having a policy that supports your needs and desires is also important, but it might come at a price. As mentioned earlier, most of the popular life insurance riders will increase your monthly rates.

The tricky part is that not all riders cause the same price increases. For example, according to the Securities and Exchange Commission, State Farm had the following charges for their riders:

  • Accidental Death Benefit: $0.04 – $0.09 per $1000 of rider coverage
  • Additional Insured’s Level Term Rider: $0.0492 – $9.6303 per $1000 of rider coverage
  • Children’s Term Rider: $0.40 per $1000 of rider coverage
  • Waiver of Premium Rider: $0.0065 – $0.3589 per $1.00 of monthly deduction
  • Guaranteed Insurability Rider: $0.03 – $0.24 per $1,000 of rider coverage

As you can see above, there can be drastically different expenses affiliated with different life insurance riders. Keep in mind that the above are only examples of varying prices for riders, and your rates will vary.

How much is term life insurance?

Term life insurance can be affordable for healthy young adults. However, rates will vary and can become more expensive for older adults, those that smoke, or who have major health conditions.

Since there is so much variance in term life insurance prices, it’s important to compare rates from different companies to see who can offer you the best deal.

Sample 20-Year, $250,000 Term Life Insurance Rates (Male-Only) From Top Life Insurance Companies

AgeAIGLincolnMassMutualPrincipalPrudentialTransamerica
25$12.90$13.15$15.00$13.78$19.03$13.98
30$12.97$13.22$15.23$14.00$20.35$15.48
35$13.53$13.85$15.88$14.22$20.78$19.14
40$18.12$17.94$20.68$18.55$24.50$26.66
45$28.28$27.85$32.40$28.13$29.97$35.26
50$41.68$40.82$47.63$40.86$45.50$50.96
55$69.89$63.79$73.73$63.83$71.53$78.05
60$124.42$109.80$125.73$109.81$129.07$113.95
65$207.35$222.25$243.18$206.06$242.60$208.55

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The sample rates above suggest that AIG, Principal, and Transamerica offer the cheapest term life insurance rates. This might not be true in every situation, however.

These rates will be different for females, smokers, or with different coverage amounts. For those reasons, you’ll want life insurance quotes from multiple companies that will include any life insurance riders you want.

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Life Insurance Companies That Sell Term Life Insurance With A Rider: End Notes

If you find a life insurance company that offers term life insurance policies, there’s a good chance they’ll offer riders. However, you’re unlikely to get a free life insurance rider other than a term conversion rider.

We hope you’ve enjoyed learning more about life insurance companies that sell term life insurance with a rider. Don’t forget to enter your ZIP code below to get free quotes from top insurance companies near you.