There are many arguments as to who really needs a complete package and who needs some form of coverage in the form of rider. Does you really really need a rider if you already have a policy? Does you child or dependent really need one too?
To answer this question correctly we must understand the basic needs coverage meets ….
A policy is basically meant for breadwinners or persons who demise will cause hardship for their survivors. Although there are other reasons why people buy life policies this is the main reason.
Some insurers have certain riders to cater for spouses and dependents. Such riders add term life coverage for such a spouse or dependent. It certainly makes more sense to buy a dedicated term for such a person if you think it's necessary. You'll almost always get a far lower rate per $ 1,000 coverage for the person in question if you get another complete term policy.
For the dependent, you really don't need any form of for a child unless you want to start a foundation in their memory or make a donation to their favorite charity if they pass on. If you're thinking in such lines then you'll serve that cause better by getting another policy for such a child or dependent instead of a rider.
We can make an exception for rare cases (like child actors) where the family fortunes will be dramatically altered if such a child passes on. Life insurance is a real necessity then. Like I explained when I talked about the main reason for a policy, such a child contributions considering to the family's finances. Therefore the loss of that child will result in the loss of such financial contribution with the attendant consequences.
If you've decided to buy a for yourself, spouse or dependent, you'll get far better rates if you get and compare many quotes from many different insurers. This is due to the difference in rates from insurers for a particular policy could range from a few hundreds to a couple of thousand dollars.
If you already have a policy, you can also reduce your current rates by getting and comparing quotes from insurers you didn't get quotes from before you bought your present policy.