Additional coverage can be added to a Whole Life policy by adding a decreasing term rider.
Additional coverage allows an individual or group of people other than the policy holder to be insured by the policy. This policy is an endorsement of an original policy. However, additional coverage is added to general liability insurance guidelines.
The Whole Life policy or permanent life insurance is an insurance policy which provides life coverage until the death of the life assured. The policy stays in force throughout the life as long as the life assured pays the premium.
The policy covers you for 99 years. This policy protects your family for an extended period of time. This policy takes care of many people who have financial dependents in their old age.
A decreasing term rider in the life insurance policy is a level of coverage that decreases over time, usually every year. When a decreasing term policy is purchased, the death benefit decreases periodically until the end of the term.
Hence, additional coverage can be added to a Whole Life policy by adding a decreasing term rider.
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