Waiver of Premium for Disability
Definition - What does Waiver of Premium for Disability mean?
A waiver of premium for disability is a provision in an insurance policy stating that the insured does not need to pay the usual premium to enjoy coverage for a specified period if they become disabled.
Insuranceopedia explains Waiver of Premium for Disability
A waiver of premium for disability provision can be added at an additional cost to the insurance contract. Such a provision is usually found to be in health, life, and disability insurance insurance policies. This provision, in the long-run, could be the difference between the insurer keeping the policy or losing it due to a disability. However, the definition of the disability and the duration of the premium fee waiver vary across policies and depend on the insurer.
How Well Do You Know Your Life Insurance?
The more you know about life insurance, the better prepared you are to find the best coverage for you.
Whether you're just starting to look into life insurance coverage or you've carried a policy for years, there's always something to learn.