Waiver of premium

(redirected from Waiver of Premium Rider)
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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 Cancer Waiver of Premium Rider is designed to protect women under 60 if they are diagnosed with cervical, ovarian, or breast cancer at Stage II or higher.
1]Promise Plus consists of the Essential Whole Life (Form Series 1314) and the Cancer Waiver of Premium Rider (Form Series 2084).
They also offer a Non-Convertible Waiver of Premium rider that provides additional guaranteed security for the policyholder.
The new Vantage Term product line includes an optional rider:* the Waiver of Premium Rider, which guarantees that the policy will stay in force even if the insured becomes disabled.