If a member of a scheme with this benefit becomes seriously ill or disabled and cannot pay their premiums, the insurance company will pay the premium for them. This is called waiver of premium.

This is an optional rider on certain life insurance policies that provides for coverage of premium payments should the insured become fully disabled before age 60.

Benefit whereby company will waive premium payments coming due during total disability of insured.

see Disability Waiver of Premium

A policy benefit that waives the premium if an insured becomes disabled, and will continue to be waived throughout the insured's disability. See also: Waiver of Premium Rider.

A provision by which the insurance company keeps an existing insurance policy in force under certain conditions when the premium is not being paid.

If the insured is totally disabled, the insurance company pays the premiums for the duration of the disability.

A provision that can be added to a life insurance policy where certain conditions would allow an insurance policy to be kept in full force by the company without the payment of premiums. It is used most frequently for those policyholders who become totally and permanently disabled, but may be available in certain other cases.

A waiver of premium covers the cost of your insurance premiums during periods of ill health and/or unemployment.

This is an extra or add-in (called a rider in insurance lingo) that can be added to most individual life insurance policies which waives (allows you to stop paying) the payment after the insured person has been disabled (as described and defined in the insurance policy) for a specified period of time, usually six months. At that time, the six months premium paid along with future premium payments are waived.

A policy provision that specifies the exemption of the insured from making premium payments following a specified number of days of disability, until the insured recovers. In many cases, any premium paid during the initial days following disability is refunded.

If a person is disabled for a specified period of time, some policies will not require premiums to be paid.

A provision under which payment of premiums or insurance charges are waived (that is, not required) if the policyowner becomes totally and permanently disabled.

Premium payments are excused by an insurer when an insured has been totally disabled for six months

Sometimes this option is included within the product you buy. Generally speaking, if you become disabled or ill & unable to work for a set deferred period - usually 6 months, the insurance company will pay the premiums for you, but only for a limited period of up to 12 or 24 months.

Rider or provision included in most life insurance policies exempting the insured from paying premiums after he or she has been disabled for a specified period of time, usually six months.

A feature on a life assurance policy (and other plans e.g. personal pension) which is designed to protect payment of the premiums. If the assured should lose his or her income due to illness/disability for usually more that 6 months, the insurance company will pay (waive) the premiums until the assured returns to work or the policy comes to an end. The waiver of premium feature is designed to cover the risk either on an own occupation basis or any occupation. If it is on an 'any occupation' basis, the insurance company may consider that the assured can follow another occupation. In this case the company would not normally meet the claim unless the assured were unable to work at all.

A provision in an insurance policy which allows for permanently or temporarily stopping payment of insurance premiums in the event of the policyholder becoming incapacitated.

A policy provision that sets the condition under which an insurance policy will be kept in full force by the company without the payment of premiums. It is used by insureds who become totally and permanently disabled.

A provision that sets certain conditions under which an insurance policy will be kept in full force by the insurance company without the payment of premiums. It is used most frequently for those policyholders who become totally and permanently disabled but may be available in certain other cases.

A rider which provides that, if the insured becomes totally disabled, premiums on the life insurance policy will be waived and the policy will remain in force.

A provision in an insurance policy stating that the policy is to continue in force without the need to pay the premium under certain conditions, such as disability. The waiver of premium clause may require a small payment in addition to... read full article

In some policies, a provision which relieves the insured of having to make premium payments after he or she has been disabled for 90 days, or the elimination period, if shorter. In addition, premiums paid during those 90 days are refunded and premiums due during the 90 days after recovery are waived.

When a life insurance company no longer requires that an insured party make premium payment if he/she has become disabled for longer than six months. The insurance policy remains in full force even though premium payments are no longer required.

Optional benefits that continue a life insurance policy during the total disability of the insured. When an insured with wavier of premium is totally disabled, as defined in the polic premiums will not be charged, but the policy values will continue to accumulate as if those premiums had been paid. Normal risk charges and expense loads will continue to be deducted.

An optional policy provision that continues the coverage without further premium payments if the insured becomes totally disabled.

a provision of long-term care insurance plans that allows you to stop paying premiums while you are receiving benefits.

See "Disability benefit".

A provision in an insurance policy that relieves the insured from having to pay premiums while receiving benefits.

A provision in some insurance contracts which enables an insurance company to waive the collection of premiums while keeping the policy in force if the policyholder becomes unable to work because of an accident or injury. The waiver of premium for disability remains in effect as long as the insured is disabled.

Provision that, under certain conditions, insurance will be kept in full force without further payment of premiums. It is used most often in cases of permanent and total disability.

A supplementary life insurance policy benefit under which the insurer promises to give up its right to collect renewal premiums that become due while the insured is totally disabled..

This provision allows the insured to stop paying premiums when he or she has been disabled. In most cases, the insured must be disabled for at least six months before the waiver can take effect.

A policy option which provides for the insurance company to waive payment of the policy premium in certain circumstances e.g. sickness or disability.

Rider which permits the insured to cease payment after the individual has been disabled for a specified amount of time

an optional extra that you can take out with your life insurance that provides cover for you if circumstances make you unable to carry out your normal occupation.

When an individual becomes disabled and eligible for benefits, no further disability premium payments are required as long as benefits are being paid out.

A provision that under certain conditions a life insurance policy will be kept in full force by the company without further payment of premiums. It is used most often in the event of total and permanent disability

A provision of a Life Insurance policy which continues the coverage without further premium payments if the insured becomes totally disabled.

An insurance policy rider that allows a policyholder to stop making premium payments if the insured suffers a permanent disability. Generally, there is an additional cost for this rider to become part of a policy.

A rider to waive premium payments required by an insured during his or her total disability.

a clause that waives or refunds premiums if you become disabled and unable to work after a specific waiting period. Once a waiver claim has been approved, the premiums paid during the waiting period are often refunded.

Waiver of Premium Once an insured meets the Benefit Eligibility Criteria and satisfies the Benefit Waiting/Elimination Period, Prudential will waive the insured's premium payments.

If a policy contains this provision, premiums don't have to be paid while an insured person is incapacitated.

This is a benefit that a personal pension scheme or a retirement annuity may offer. It means that an insurance company will pay extra money into the scheme if the member cannot pay their usual contributions because of ill-health or disability.

A provision in an insurance policy that relieves the insured of paying the premiums while receiving benefits.

In the event of a qualifying disability, life insurance premiums for the primary insured or covered employee and any covered dependents are waived during the disability period.

A provision of long term care insurance plans, including the FLTCIP, that allows the insured to stop paying premiums while receiving benefits.

A provision in a plan or insurance contract that relieves the insured of paying the premiums while totally disabled.

A provision in an insurance policy that allows payment of insurance premiums to be permanently or temporarily stopped in the event the policyholder becomes incapacitated.

A provision in some policies to continue premium payments due during a period of continuous total disability that has lasted for a specified length of time.

An optional policy benefit that waives the payment of all premiums that come due during the total disability of the insured.