I have heard about the waiver of premium benefits in life insurance policies but would like to understand it better. What exactly does this benefit cover, and how does it work? Are there any specific conditions or requirements for this benefit to apply? Any insights or experiences with this feature would be greatly appreciated.
The waiver of premium benefit covers your insurance premiums if you become disabled or unable to work. It keeps your policy active without payments during your disability. Requirements vary, but typically include proving disability and meeting policy terms. It’s useful for maintaining coverage when you can’t pay.
Is it automatically included in your life insurance or do I have to opt into it?