Waiver of premium

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Related to Waiver of premium: Accelerated death benefit

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 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.
This tender aims to find an insurer for the introduction of a new type of group insurance contributions regime covering defined benefit retirement, death, and waiver of premium for staff entered service from 1.
Royal Neighbors of America, a women-led life insurer, has launched Promise Plus coverage, a whole life insurance product offering a Cancer Waiver of Premium Rider to benefit women in the event of a diagnosis of cervical, ovarian, or breast cancer.
Waiver of Premium is a type of insurance included within many regular premium policies.
Features like portability have been added, as have variations on living benefit payouts, waiver of premium that is similar to individual plans, and coverage that extends into retirement years.
Among 12 optional riders are a no-lapse guarantee, unemployment waiver of premium and reduced protection.
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
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.