Waiver of Premium Rider | Life Insurance

Meet Ian.
Ian is interested in purchasing a life insurance policy, but he would like to add an additional benefit.
If he becomes injured at work, Ian wants the option to abandon paying premiums.
He is therefore interested in the waiver of premium rider.
Keep watching this video to learn more about the waiver of the premium rider.
So what is the waiver of premium rider all about?
Insurance policies may have a waiver of premium riders that waive premium payments. Some health and age requirements may apply. If policyholders are worried about paying premiums if they're injured on the job, a waiver may be helpful.
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This rider can be added to a life insurance policy as a supplemental benefit or as an optional benefit. The cost depends on the insurer. The rider fee is usually added to the premium or charged upfront. This fee raises the cost of life insurance. Consider this before purchasing one.
Riders that waive premiums impose a waiting period before they can claim benefits. An insured policyholder may be entitled to a refund of premiums paid if he or she is disabled or injured. Without a waiting period, the insurer's risk increases dramatically. A pre-existing disability prevents an applicant from receiving benefits.
The waiver of premium rider is most commonly used for disabilities, critical illnesses, and severe injuries. Policies and issuers have their own terms, conditions, and benefits. For the waiver to take effect, the policyholder must be disabled for a specific period. Six consecutive months as an example.
If an injury or illness prevents a policyholder from working traditionally, the waiver can help.
Diseases that require prolonged hospital stays that result in an inability to work are often covered. Depending on the rider, the condition of the injury may need to be specific to particular occupational hazards.
Typically, a physician's statement and SSA confirmation are necessary to file a claim. Then the claim could be submitted. Premium waivers free up funds for health care and personal finances. And also the biggest benefit is that the life insurance policy would stay intact.
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----- VIDEO CONTENT -----
00:00 - INTRODUCTION
00:20 - DEFINITION
00:47 - RIDER PREMIUM
01:05 - WAITING PERIOD
01:17 - PREXISTING DISABILITY
01:35 - COVERED INJURIES

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