What is the role of a rider in a life insurance policy?

A rider in a life insurance policy serves to enhance or modify the existing coverage by adding specific benefits or features that are not included in the standard policy. This allows policyholders to customize their insurance to better fit their individual needs and circumstances. For example, common riders may include options for critical illness coverage, accidental death benefits, or waiver of premium in case of disability. By adding these riders, policyholders can increase the protection offered by their life insurance and address specific risks they may want to guard against.

The other options do not accurately reflect the primary function of a rider. Limiting benefits or determining premium structures pertain more to the core features of the policy itself rather than enhancements provided through riders. Similarly, cancellation of the policy under certain conditions is outside the scope of what riders are intended to do, as they focus on additional coverage rather than policy limitations or termination conditions.