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Life Insurance Learning Center - Life Insurance Riders

Waiver of Premium Rider, Part 2.

If you want this rider, make sure that it is included in your life insurance quote.

Although make sure that you understand all of the ins and outs of this rider before adding it to your life insurance quote.

What does "totally disabled" mean? Perhaps that was a question that came to your mind when you were reading about the rider. The definition can vary depending on the life insurance company that you go to.

A basic definition of completely disabled is if the insured is totally disabled to the point where he/she is not able to perform the regular and normal duties of his/her job. This is the standard definition given by a life insurance company that is applied to a disability that lasts for a few years. After that, a life insurance company will be more strict and you would have to consult your life insurance company and their policy handbook to understand the life insurance company guidelines on this.

If you are lucky, a life insurance company will include this rider in your life insurance policy without any added charge. Realistically, a life insurance company will charge a fee for the inclusion of this provision. Usually the cost of this rider is a percentage of the annual premium with the cost of the rider included. For example, if the annual premium costs $1000 and the rider is $100, then the rider cost is 10%.

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