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Understanding the Life Insurance Waiver of Premium Rider

Life insurance coverage can offer substantial financial protection through the death benefit and other features, such as a cash value growth component. However, if you experience a disability or illness that makes you unable to work, you may not be able to pay premiums for a period of time. This can lead to a lapse in coverage, leaving your loved ones without the financial protection they may need in the event of your passing.

A waiver of premium rider can help eliminate this worry for a small cost by helping cover premium payments after an injury, illness, or disability. This article will explain how waiver of premium riders work to determine If applying for one to help protect your policy may be worth it.

What is a waiver of premium rider?

A waiver of premium rider is optional add-on coverage for life insurance that waives or pays premiums if you become disabled or critically ill and lose the ability to work. This life insurance rider can allow you to maintain coverage and prevent the policy from lapsing if you can’t earn income to pay your premiums.1

How to qualify for a waiver of premium rider

Policyholders may qualify for the waiver of premium rider if they become unable to work or cannot work in a traditional capacity any longer due to:2

  • Severe injury
  • Physical Impairment or
  • Critical illness

Terms and conditions for what qualifies may vary by insurer. If you become able to work again, your premiums may resume.

Typically, you must be younger than 60 or 65 to qualify for this rider. Furthermore, insurers often attach waiting periods to waiver of premium riders. These can last up to six months. After you file a claim, you must continue paying premiums until this period ends and benefits kick in.1

How much does a waiver of premium rider cost?

Generally speaking, waiver of premium riders can cost an additional flat fee of $10 to $50 per month.1 This can often be added directly to your premiums to simplify payments. Keep in mind that factors like age, health status, and coverage amounts can impact your waiver of premium rider costs.

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How to file a claim

Here’s how to file a claim to take advantage of your waiver of premium rider:

  • Check policy documents: First, verify that your circumstances qualify for the waiver of premium rider.
  • Gather claim documents: Collect documents to prove you qualify, such as a physician’s statement and a disability confirmation from the Social Security Administration.
  • Contact the insurance company: Inform your insurer about your circumstances.
  • Complete and submit claim forms: Fill out the waiver of premium rider claim forms accurately and completely. Double-check that everything is correct to avoid delays or denials. Submit copies of your documentation as well.
  • Follow up: Follow up with the insurer every few days if you don’t hear back from them right away.
  • Pay premiums during the waiting period: Pay your premiums until the waiver of premium rider kicks in.
  • Maintain communication: When necessary, continue communicating with the insurer regarding the waiver and your circumstances, especially if anything changes.

Should I get a waiver of premium rider?

Waiver of premium riders can make sense for several scenarios:

  • You are concerned about your health history: If you have a personal or family health history that you believe may increase the chance of disability or illness, such as a pre-existing condition, a waiver of premium rider can be useful.

  • You’re the sole provider: If you and your family rely solely on your income, this rider can ensure they don’t lose life insurance coverage if you can’t work for a period of time.

  • Your job or hobbies are high-risk: Those who work in a high-risk field (such as law enforcement or construction) or engage in risky hobbies (such as skydiving or aviation) can benefit from a waiver of premium rider if they experience an accident that injures or disables them.

  • You want added peace of mind: If you simply want an extra layer of protection for your life insurance coverage, a waiver of premium rider can offer you peace of mind.

When in doubt, it may be wise to contact an insurance agent. They can help you determine if a waiver of premium rider is right for you and find a policy that suits your needs and budget.

Aflac offers life insurance riders

You work hard to earn the income necessary to pay for the life insurance coverage your loved ones need. A waiver of premium rider offers extra coverage by waiving premiums in case an illness, injury, or disability leaves you unable to work. There are limitations and exclusions, and coverage is not guaranteed.

Fortunately, these riders come at a cost that fits most budgets. An additional amount per month may be worth the added peace of mind, especially when you’re the sole provider or have a higher chance of experiencing qualifying circumstances.

A waiver of premium rider is just one of many types of riders Aflac life insurance policies may offer. Speak with an agent today to explore policy and rider options and get a quote on coverage customized to your needs.

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