Waiver Of Premium For Disability

What Does Waiver Of Premium For Disability Mean?

A waiver of premium for disability is a provision in an insurance policy that exempts the insured from paying premiums while retaining coverage if they become disabled, typically for a specified period.

Insuranceopedia Explains Waiver Of Premium For Disability

A waiver of premium for disability provision can be added to an insurance contract for an additional cost. It is commonly included in health, life, and disability insurance policies. This provision can be crucial in the long run, as it may allow the insured to maintain their policy despite being unable to pay premiums due to a disability. However, the definition of disability and the length of the premium waiver vary between policies and are determined by the insurer.