A waiver of premium disability rider is a type of life insurance rider, or an optional feature you can add to a new or existing life insurance policy. These riders allow you to stop paying your life insurance premiums under certain conditions, like if you become disabled. With this type of rider, you can make sure your family still has the financial protection they need, even if you stop earning an income and have trouble making your life insurance payments. You won’t have to pay your premiums for as long as the condition lasts, and your policy will still be effective until the end of its term.
Qualifying for a waiver of premium disability rider is partly based on factors like your current age and health, depending on the life insurance company you choose. You may also have a waiting period involved before your rider kicks in.
While a waiver of premium rider does increase your life insurance costs slightly, it also guarantees financial protection later, so you can breathe a little easier.
If you’re concerned about paying your life insurance premiums if you become disabled or ill, eFinancial is here to help. We offer affordable, high-quality coverage from over 20 top life insurance providers, and our agents are ready to help you find the right life insurance company, policy, and rider options. At eFinancial, we’re committed to making the life insurance buying process simple, affordable, and convenient for you and your family.
If you’re between the ages of 18 and 60 and want to protect your family financially in case you become disabled, a waiver of premium rider can be a smart choice.
Keep in mind that some especially high-risk professions, like police and military work, may not be able to qualify for this type of coverage. It could also be harder to get an affordable waiver of premium rider if you enjoy hobbies like skydiving or mountain climbing.
Insurers typically require waiting periods, both after you buy a policy and after your diagnosis, before you can use the waiver. These can last from several months to a year.
The exact amount of time you’ll need to wait depends on the policy and company you choose. We’ll help you learn more about the options available to you as you shop for coverage.
Unfortunately, no. Someone who is currently disabled won’t qualify for a waiver of premium rider. In some cases, though, you may be approved for a waiver of premium if you have a less serious condition. If that condition worsens and causes you to become disabled later, you would be covered on your waiver of premium rider.
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