What is the purpose of insurance riders?

The purpose of insurance riders is to add additional coverage or benefits to a standard policy. Riders are customizable options that allow policyholders to tailor their insurance to better fit their specific needs or circumstances. For example, a rider might provide additional coverage for critical illnesses, accidental death, or even specify conditions under which certain benefits will be enhanced. This flexibility enables individuals to enhance their basic insurance policies to ensure they are adequately covered in areas that may be of particular concern to them.

The other options do not accurately capture the function of insurance riders. Basic coverage typically refers to the fundamental protection provided by a policy, which does not involve the customization that riders allow. Excluding pre-existing conditions is more about policy limitations rather than enhancements through riders, and lowering premiums generally involves changes to the coverage level rather than the addition of benefits. Thus, the role of riders is specifically to augment existing policies, making the correct answer most appropriate.