All the following statements about family term riders with life insurance are correct EXCEPT:

In the context of family term riders in life insurance, the statement that spouses receive more coverage than children is not accurate. Family term riders typically provide a specified amount of coverage for each family member included in the rider. While it is common for policies to provide higher coverage amounts for adults (like spouses) compared to children, this is not universally true and depends on the specific terms of the policy. It’s important to note that many insurance companies offer similar coverage amounts for both spouses and children, or a standard limit for children that might not equate to the coverage levels for adults.

The other statements are consistent with the standard features of family term riders. Coverage extending to all family members is a primary advantage of these riders, allowing the insured to cover their spouse and children under a single rider rather than needing separate policies for each family member. The ability to add coverage during the policy term is generally permitted, allowing policyholders to adapt their coverage as their family grows or needs change. Lastly, premiums for family term riders are usually lower than those for individual policies, making them a cost-effective way for families to secure life insurance protection for multiple members simultaneously.