What is the waiting on a waiver of premium?
The waiting period for a waiver of premium provision is typically six months. However, depending on the insurer, it can be anywhere from a few months to a year.
How does Premium waiver work?
A waiver of premium rider is an insurance policy clause that waives premium payments if the policyholder becomes critically ill, seriously injured, or physically impaired. Other stipulations may apply, such as meeting specific health and age requirements.
What is a valid reason to add the waiver of premium rider to a life insurance policy?
The premium rider is waived in the event of unanticipated events such as dismemberment, disability, or significant illness as a consequence of an accident, sickness, or other cause. This rider relieves the individual of any future insurance premium payments.
What does it mean by waiver of premium?
A waiver of premium is a provision that allows the insured not to pay premiums during a period of disability that has lasted for a particular length of time. The waiver of premium for disability remains in effect as long as the insured is disabled.