Waiver of Premium Rider Life Insurance

For a small added cost, waiver of premium rider life insurance brings added peace of mind to a traditional term life insurance policy. Every life insurance company determines its own costs, waiting period, and disability standards for a waiver of premium rider. Consider waiver of premium life insurance if you are at an increased risk of becoming disabled or critically ill.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Jul 19, 2021

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Quick Facts

  • Waiver of premium rider life insurance is designed to protect policyholders if they become disabled or critically ill
  • Each life insurance company will have different waiver of premium rider waiting periods, expenses, and waiver amounts
  • Waiver of premium riders typically cost just a few extra dollars per month

Purchasing waiver of premium rider life insurance can help protect you during financial emergencies. Despite potential increases in your term life insurance quotes, a waiver of premium rider might be worthwhile.

Choosing the right life insurance policy is stressful enough. To make matters easier, we’ll explain how the waiver of premium rider works, waiver of premium rider benefits, and any other relevant information.

Wondering if you’ll be able to find affordable waiver of premium rider life insurance? Get personalized rates in just a few minutes using our free quote tool above.

What is waiver of premium rider life insurance?

If you’re looking to buy waiver of premium rider life insurance, you’ve likely come across many different life insurance policies with a bunch of confusing add-ons. Most add-ons are considered riders.

What is a life insurance rider? A life insurance rider is an additional feature or clause added to a traditional life insurance policy to benefit the policyholder, typically at an added expense.

Many -people consider policies with riders different types of term life insurance. Some riders help to earn refunds, some help to advance death benefits, and others help to skip payments under certain conditions.

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What is a premium waiver premium rider? Sometimes worded in either of these ways, a waiver of premium rider is an additive feature that allows policyholders to skip or pay a fraction of normal monthly payments if they become disabled, critically ill, or in similar situations.

If you have hobbies or a career that could potentially cause you to become disabled, waiver of premium rider life insurance is one of the life insurance disability options recommended by the Insurance Information Institute.

This rider simply waives or postpones your monthly life insurance payment for a predetermined amount of time, depending on your life insurance contract, if you become disabled.

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What are the waiver of premium claim requirements?

Many life insurance companies have slightly different stipulations surrounding waiver of premium rider life insurance. For example, not all companies will consider the same conditions to be disabilities.

Most companies do include the same critical illnesses, however. Some of those include:

  • Stroke
  • Cancer
  • Kidney Failure
  • Heart Attack
  • Anemia
  • Paralysis

There are many more examples of critical illnesses, and again, your insurer can clarify which are applicable to be eligible.

In other cases, term insurance with a waiver of premium rider might have different associated costs, waiting periods, or waiver amounts. You’ll need to get numerous waiver of premium rider life insurance quotes before you buy to avoid overpaying.

What is the waiting period on a waiver of premium rider in life insurance policies? The waiting period is the time between underwriting and premium waiver eligibility.

For example, many companies have a six-month waiting period, so if you purchase a policy in January, you cannot have my premiums waived until July even if you become disabled. This prevents policyholders from taking advantage of insurers.

Waiver of Premium Life Insurance: The Bottom Line

Is a waiver of premium rider worth it? For a small added expense, you could protect yourself in a financial emergency. If you believe you could be at an increased risk of becoming disabled, a waiver of premium rider is usually a good idea.

Wondering how much you’ll pay for waiver of premium rider life insurance rates? Get term life insurance rates from top life insurance providers using our free quote tool below.

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