Waiver of Premium Explained

Did you know there is a way to get your life insurance company to pay your premiums for you while you’re unable to work because of a disability?

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Read more about Waiver of Premium

Did you know that 1 out of 3 Americans will suffer a long-term disability (lasting at least 90 days) between the ages of 35 and 65? Did you know that you are 4 times more likely to become disabled than you are to die before 65 years of age?

Those are the facts. You can’t control whether or not you become sick or injured, but you may be able to control who pays your insurance bills while you're unable to work. Waiver of premium is an optional feature (known as a "rider") available on many insurance policies. If you have this feature, the insurance company will cover the cost of your premiums if you’re disabled.

“We own life insurance to protect ourselves and our families…In most cases, the cost of adding waiver of premium is modest. If you have it and never use it, you’ve made a small mistake. The cost of needing the waiver and not having it, though, is large. The policy would likely lapse and when you die, you would be dying without the coverage in force when you need it. The cost to you and your family could be hundreds of thousands of dollars, even millions depending on the size of the policy,” says Byron Udell, Founder and CEO of AccuQuote Life Insurance.