Waiver of premium

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Waiver of premium

A provision in an insurance policy that allows payment of insurance premiums to be permanently or temporarily stopped in the event the policyholder becomes incapacitated.

Waiver of Premium

An agreement between an insurance company and a policyholder allowing the policyholder not to pay premiums if he/she is seriously injured, ill or disabled. In general, the policyholder must pay a one-time fee for the insurer to include a waiver of premium clause in a policy.

Waiver of premium.

If you have a waiver of premium provision in your long-term care or disability insurance policy, you may qualify to stop paying premiums once you've begun collecting benefits.

A waiver of premium provision increases the cost of your insurance, but means that you won't be left without coverage if you are no longer able to pay the premiums.

References in periodicals archive ?
The addition of a waiver of premium rider brings an additional element of protection to a life insurance policy.
Preferably, a term life insurance policy's waiver of premium rider and conversion privilege will work simultaneously.
The right to include the waiver of premium rider in the converted policy can be an important feature, particularly if the conversion to a policy with a waiver of premium rider can be made even if the insured is already disabled.
An optional Waiver of Premium Rider -- Can cover the cost of premiums or certain monthly policy charges should the insured become disabled provided they meet the terms and conditions; and
There's also a host of other riders to choose from, including an Other Insured Rider, Disability Income Rider, Waiver of Premium Rider and an Accelerated Benefit Rider.
The waiver of premium rider always has been the most popular rider and still is today.
Considering all of the talk about jobs going overseas and consolidations within industries, the time may be right for the unemployment rider to become as popular as its closely related waiver of premium rider due to disability.
The company's main businesses include endowment, investment-linked life protection, lifestyle protection, savings and retirement protection, education protection, term protection and other additional protections, such as medical, critical illness, accident and waiver of premium riders.
Disability Waiver of Premium riders generally waive the premiums due on a whole life insurance policy if an individual is disabled and unable to work.
Our VUL products, which now boast asset allocation, guaranteed accumulation and waiver of premium riders, also are enjoying greater growth in percentage terms, though off a smaller base.