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Basics of Waiver of Premium Rider in Life Insurance

Updated on May 20, 2010

Premium Waiver

Life insurance policies often come with a number of additional raiders like accidental death benefit, critical illness raider and waiver of premium raider.  If you want to have the benefits of waiver of premium raider you need to make sure that the particular type of life cover policy will also provide this benefit as an optional additional raider.

Before opting for this benefit you need to know the ins and outs of this benefit.  For this, you need to go through the offer broacher and asked relevant questions to your insurance agent.  This waiver of premium raider when opted for makes sure that the policy is life even if the policy holder is unable to pay the premium due to permanent total disability.

In case of temporary total disability, if the disability lasts longer than six months the premiums will be waived and the premium paid during the initial six months of disability will be paid back to the policy holder.  All other benefits of the life insurance like death benefit, accidental death benefit, and fund benefits will continue in spite of not paying the premium.  Once when with the end of disability, the policy holder needs to continue paying the premium.


This waiver of premium raider either comes with any additional cost or with some additional cost depending on the policy type.   To understand what actually is considered permanent total and temporary total disabilities are, you need to consult the insurance company’s broacher and how to claim for premium waiver benefits.


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