What is commonly used to provide an additional benefit in a life insurance policy for accidental death?

A rider for accidental death is a specific provision that can be added to a life insurance policy to offer an additional payout if the insured dies as a result of an accident. This rider enhances the coverage by providing extra financial protection for accidental deaths, typically paying out an amount that could be equal to the face value of the policy, or sometimes more.

This option is particularly appealing to individuals who are concerned about the risks of accidental death, as it ensures their beneficiaries receive a greater financial benefit under those specific circumstances. Riders are common in many life insurance policies because they allow policyholders to customize their coverage according to their individual needs.

Other options, while relevant to life insurance, do not serve the same purpose. A beneficiary declaration pertains to naming who will receive the benefits, a policy renewal option relates to the terms under which a policy can be renewed after its initial term, and premium discounts refer to reduced costs on the policy, rather than providing additional coverage or benefits.