Waiver of Premium
When purchasing life insurance, there are many benefits and add-ons you can include in your policy. One of these, the Waiver of Premium benefit, usually purchased with disability insurance, can be an extremely cost-effective addition. The waiver of premium benefit allows the insured to temporarily or permanently cease payment of premiums without loss of benefits in the event they become disabled. This benefit usually begins at the end of ninety days, or the end of the waiting period, whichever comes first. It generally remains in place for the duration of the disability, and any premiums that have been paid during the waiting period will be refunded.
This add-on can be extremely beneficial because your income will have already been drastically reduced. This may make it harder to cover all bills and needs, and having to pay out on premiums can put an added strain on an already overburdened financial situation. Because you are more likely to become disabled, either on a short-term or permanent basis, than to die prematurely, it is an added benefit that is well worth looking into.
The Details of Life Insurance: Benefits & Riders
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