Waiver of premium definitions
| Word backwards | reviaw fo muimerp |
|---|---|
| Part of speech | The part of speech of the phrase "waiver of premium" is a noun phrase. |
| Syllabic division | waiv-er of pre-mi-um |
| Plural | The plural of the word "waiver of premium" is "waivers of premium." |
| Total letters | 15 |
| Vogais (5) | a,i,e,o,u |
| Consonants (6) | w,v,r,f,p,m |
What is Waiver of Premium?
Waiver of premium is an add-on feature often available in insurance policies, particularly life insurance. It provides a valuable safeguard for policyholders in case they become unable to pay their premiums due to disability or illness.
How does it work?
When a policy includes waiver of premium, if the policyholder meets the criteria for disability outlined in the policy, the insurance company will waive the premium payments for the duration of the disability. This ensures that the policy remains in force and provides coverage when needed the most.
Who can benefit from Waiver of Premium?
Anyone who holds an insurance policy can benefit from adding a waiver of premium feature. It offers peace of mind knowing that if the unexpected happens and they are unable to work due to disability or illness, their insurance coverage will remain intact.
Cost and eligibility
The cost of adding waiver of premium to an insurance policy is generally affordable, especially considering the protection it provides. Eligibility criteria vary between insurance companies, but typically require proof of disability that meets the policy's definition.
Benefits of Waiver of Premium
Security: Waiver of premium ensures that the policyholder's coverage continues even if they are unable to work due to disability or illness.
Peace of mind: Knowing that their insurance policy will not lapse even if they cannot pay the premiums offers peace of mind to policyholders and their families.
Conclusion
Adding a waiver of premium feature to your insurance policy is a wise decision that can provide financial protection in challenging times. It offers security, peace of mind, and continued coverage when it matters most.
Waiver of premium Examples
- John was grateful for his waiver of premium benefit, which allowed him to keep his life insurance policy in force without paying premiums when he was unable to work due to a disability.
- The waiver of premium clause in the insurance policy ensured that Sarah's coverage would not lapse even if she was no longer able to work due to illness or injury.
- Mark was relieved to learn that his waiver of premium rider would kick in to cover his car loan payments if he became disabled and unable to work.
- Lucy's waiver of premium provision on her health insurance policy meant that she did not have to pay premiums during the time she was receiving disability benefits.
- The waiver of premium option allowed Tom to continue his long-term care insurance coverage without having to pay premiums after he was diagnosed with a chronic illness.
- Jenny's waiver of premium feature on her mortgage insurance policy waived her monthly payments when she was on medical leave from work.
- David's waiver of premium endorsement on his disability insurance policy exempted him from paying premiums while he was on temporary leave from his job.
- Maria's waiver of premium provision on her retirement plan allowed her to stop making contributions during the time she was on unpaid leave from work.
- The insurer granted a waiver of premium extension to Jack, allowing him to keep his policy in force without premium payments for an additional six months.
- Emily was pleasantly surprised to find out that her waiver of premium benefit covered her student loan payments while she was recovering from a serious accident.