What Is Life Insurance Waiver Of Premium?

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    Larry GilmorePRO
    Agent Owner, Gilmore Insurance Services, Marysville, Washington State
    what is waiver of premium?  The waiver of premium is a rider you can add to your policy at a nominal cost that provides premium protection in the case of disability. How it works is the insured becomes disabled and after six months of disability the waiver kicks in and begins to pay your premium and your policy continues on as if nothing happened.
    Answered on May 19, 2013
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    David RacichPRO
    Fountain Hills, Arizona
    Waiver of premium is an additional rider that can cover the cost of insurance or the cost of the stated premium at issue in the case of disability. After filing a disability claim, the rider generally pays after a six month waiting period and doesn't generally pay beyond age 65. 
     
    Answered on May 19, 2013
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    Peggy Mace
    Most of the U.S.
    A life insurance waiver of premium is a rider that "waives the premium" of your life insurance policy if you are disabled (after the 6 month waiting period). This rider is not a disability income rider; it will not pay you cash if you were to become disabled, as disability insurance does.
    Answered on December 17, 2014
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