LIFE INSURANCE
WAIVER OF PREMIUM PROVISION FOR DISABILITY

An often overlooked provision that can be added to a life insurance contract is waiver of premium, or disability waiver. Waiver of premium is a policy endorsement that can obligate the insurance company to pay all future premiums in the event that the insured becomes unable to work due to illness or injury.

Typically the insured must continue making the premium payments for six months from the onset of the disability. If the disability continues beyond the six month mark, the insurance company will refund the premium payments paid by the insured from the date the disability started and make future premium payments for the insured as long as the disability continues.

Exact waiver of premium policy language varies from company to company and should be reviewed with your agent.

When the financial stress of disability strikes, insurance premiums are often one of the first bills to go unpaid. Waver of premium insures that valuable life insurance protection will go on for the insured and the insured's family.

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