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Products pageWaiver of premium benefit
Allows the insurance protection to continue, with no premium payment necessary, if the insured is disabled for more than six months. As long as the disability continues, the plan remains in effect as if the premiums were being paid. If the premiums are being waived at age 30, the policy will be converted to a whole life plan at a face amount equal to the amount of term insurance in force. Premiums on the new plan will be waived as long as the disability continues.
A waiver of premium benefit rider is also available to provide protection if the parent, grandparent, or other individual expected to pay the premium on the life of the young person dies or becomes disabled. With this "Payor Waiver," premium payments must be resumed by the insured individual upon reaching age 25, or by the payor upon recovery from the disability.
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