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Definition of 'Waiver Of Premium Rider'
A clause in an insurance policy that waives the policyholder's obligation to pay any further premiums should he or she become seriously ill or disabled. A waiver of premium allows people to benefit from an insurance policy, even when they cannot work.
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Investopedia explains 'Waiver Of Premium Rider'
For an upfront charge, most insurance companies will incorporate a waiver of premium into a policy. The waiver is usually associated with life insurance policies, and requires the policyholder to be disabled for a specified amount of time, such as being incapacitated for six months. To have a waiver of premium, some companies may also place other requirements on the policyholder, such as being healthy and below a certain age.
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Search results for 'Waiver Of Premium Rider'
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http://www.investopedia.com/articles/pf/07/disability_insurance.asp
... elimination period. (To read more about waiver of premium rider, see Let Life
Insurance Riders Drive Your Coverage.). Addition Considerations ...
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http://www.investopedia.com/articles/pf/07/life_insurance_rider.asp
... 4. Waiver of Premium Rider Under this rider, the future premiums are waived off
if the insured becomes permanently disabled or loses his or her income as a ...
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http://www.investopedia.com/articles/pf/08/what-to-expect-insurance-application.asp
... policy dies; waiver of premium rider - pays your policy premium if you become
permanently and totally disabled; living benefits rider ...
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http://www.investopedia.com/articles/pf/05/012405.asp
... A very few number of policies ever pay under these riders, so avoid things like
the accidental death and waiver of premium riders since they will only jack up ...
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