Waiver of Premium Insurance
What is a Waiver of Premium policy?
Simply, it is an insurance policy that covers your monthly life insurance premiums. So should you have the misfortune to have an accident or injury that prevents you from working, the policy will ensure that your life insurance premiums are paid until you are able to return to work (or otherwise specified i.e. for a certain period, up to a particular age or for the whole of the term of the life insurance contract).
Waiver of Premium is often bought as an optional extra at the time of the life insurance policy being taken out. Most Waiver of Premium policies do not cover redundancy or unemployment.
It should go without saying that the policies all differ and you should take great care in examining the policy wording.
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