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Life Insurance Learning Center - Life Insurance Riders

Waiver of Premium Rider, Part 3.

Life Insurance Learning Center - Life Insurance Riders

Waiver of Premium Rider, Part 3.

Company Riders
When applying this provision to a term life insurance policy, it can get a little restrictive. This waiver when applied to term life insurance is generally more strict, so you should make sure that you discuss this with your insurance agent if you are thinking of adding the Waiver of Premium Rider to a term life insurance policy.

This waiver is beneficial in if the policy has large premium payments because in the event that the insured does become disabled, it would be very difficult to pay the premiums if they were very high. In addition, this is a good protection against disability because most people generally don't have any kind of protection against in anyhow.

There is a provision tied to this rider that is called disability-insurance income. Sometimes, a life insurance company will waive the premiums on a life insurance policy, and it will also pay the insured's normal, monthly income as if he/she were working. This is separate from the Waiver of Premium Rider.

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