This is the second in our series on life insurance riders, in today’s post we’re going to get you up to speed on waiver premium riders. As we explained in our initial post, Insurance Riders 101: Child Riders, a life insurance rider is an attachment to your insurance policy. Riders enable you to customize your coverage to protect the people and assets that matter most to you.
What is a Waiver Premium Rider? 
A waiver premium life insurance rider protects you in the case that you become disabled and are unable to work. Your waiver premium rider will safeguard your life insurance policy and ensure that your premiums continue to be paid. In most circumstances, you must be classified as ‘disabled’ for a minimum number of consecutive months for the life insurance rider begin covering your premiums. Some life insurance riders require 3 months, while others require up to 6 months of disability. No matter when your waiver premium life insurance rider kicks in, your insurance carrier will pay your premiums as long as you are classified as disabled. If you regain your health and are able to return to work, you will again be responsible for your premiums but you will not be responsible for any payments made on your behalf.
At IntelliQuote we encourage our customers to consider investing in the life insurance riders that make the most since for their particular situations. For the average working adult, purchasing a waiver premium rider is a wise choice. Like any life insurance rider, a waiver premium does cost a bit more out of pocket. It is, however, a great way to protect your life insurance policy and to ensure that your family will be taken care of—if you are no longer able. Want to learn more about life insurance riders? Stay tuned to the IntelliQuote Life Insurance Blog, here we will be explaining your rider options and other trending topics. We also hope that you will help us celebrate Life Insurance Awareness Month and join in the conversation! Share your comments and questions below.
Other Blog Posts that Might Interest You:
Insurance Riders 101: Child Riders
Claiming Lost Life Insurance Benefits
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