Rider fee meaning

A rider is an insurance policy provision that adds benefits to or amends the terms of a basic insurance policy to provide additional coverage. Riders tailor insurance coverage to meet the needs of the policyholder. Riders come at an extra cost—on top of the premiums an insured party pays.

What is a rider fee?

Rider Fees: These fees are charged for add-on features that you may choose to include in your annuity. They can vary based on the features you select and may be a one-time fee or a monthly charge.

What does rider mean in a contract?

A rider is a document that addresses additional details, conditions, or terms of a contract. For example, in real estate, an attorney may draft a contract rider to supplement a standard Purchase and Sale Agreement.

What is a personal rider?

A rider is an add-on to a homeowners, renters, or condo insurance policy. Also referred to as an endorsement, amendment, or scheduling an item, a rider means you're adding a specific item(s) to your policy.

Does a rider need to be signed?

Step 3. Sign the contract rider. Both parties must sign to show their consent to the additional, or different, contract terms.