What is a waiver of premium for life insurance plolicies?

Waiver of premium on a life insurance policy or disability insurance policy means that in case of a disability, the insurance company will waive the premiums and keep the policy in force. This is a layer of added protection in case you can't afford to pay the policy due to loss of income in case of an illness or accident.

All disability insurance policies include the waiver of premium at no cost, keeping the policy in force while you are disabled and receiving disability benefits.

Life insurance policies have the waiver of premium as a rider which usually cost additional premium to add.

Consult a life and disability specialist to help you choose the best plans available to you.