What is the main purpose of a rider in a life insurance policy?

The main purpose of a rider in a life insurance policy is to modify the terms of the original policy. Riders are additional provisions that can be added to a standard life insurance policy to tailor it to the policyholder's specific needs. By including riders, policyholders can enhance their coverage or adjust certain aspects of the policy — such as adding a critical illness benefit, a waiver of premium, or accidental death benefits. This flexibility allows individuals to customize their insurance coverage according to their circumstances or preferences, thus providing better protection for themselves and their beneficiaries.

The other options do not accurately reflect the function of a rider. For instance, while adding riders may result in an increase in premiums, that is not the fundamental purpose of a rider. Similarly, extending coverage to more beneficiaries relates to policy structuring rather than modifying existing terms. The idea of replacing the insurance company with a rider is also incorrect, as riders are simply additional enhancements to an existing policy and do not alter the insurer itself.