With this rider, you don’t have to pay the premium if you become totally disabled and can’t work. A waiver of premium rider is a life insurance policy add-on that waives premium payments in the event the policyholder becomes critically ill, seriously injured, or disabled. A Waiver of premium rider is an optional benefit on many term life insurance policies, and may also be available on permanent forms of insurance coverage.
Often such life-changing events can ruin us financially. The most affected from this would be life insurance.
The waiver of a premium option is very useful for people whose occupation possesses higher risks. If you have a higher risk of becoming totally disabled, then it makes sense to add additional insurance protection.
It is important to note that the waiver of premium does not become suddenly active as soon as you take it. Though the time period may vary based on your insurance company, most waivers of premium riders require a period before it starts paying your premium payments.