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Waiver of premium suspends the need to make premium payments during the time when you are disabled.

A waiver of premium provision is not automatic with every policy. Instead, it is an option that one may be able to select in return for an additional premium.

Frequently, the definition of "disability" for purposes of triggering the waiver of premium provision is different (often more strict) than the degree of disability needed to collect benefits under the policy. For example, one may be entitled to collect disability payments if he/she is unable to pursue his/her "own occupation" (meaning, some other type of job will not disqualify the insured), whereas the insured might have to be unable to perform "any occupation" in order for the waiver of premium to be triggered.

Waiver of premium on a life insurance policy or disability insurance policy means that in case of a disability, the insurance company will waive the premiums and keep the policy in force. This is a layer of added protection in case you can't afford to pay the policy due to loss of income in case of an illness or accident.

All disability insurance policies include the waiver of premium at no cost, keeping the policy in force while you are disabled and receiving disability benefits.

Life insurance policies have the waiver of premium as a rider which usually cost additional premium to add.

Consult a life and disability specialist to help you choose the best plans available to you.

I believe you are asking about waiver of insurance policy premium.

There are certain insurance policies like children's plans, where even if the policy holder (Parent) is no more, the insurance company would waive off the premium payments and continue to provide the benefits to the policy beneficiaries (Children)

A waiver of premium provision in a life insurance policy excuses the payment of future premiums in the event that the insured (or owner of the policy, if different) becomes disabled from working and is rendered unable to pay the premiums. Stated otherwise, it may be analogized to a form of disability coverage which has as its benefit the payment of the life insurance premium.

The waiver of premium of rider is an option that may be offered at the inception of the life policy and for which an additional premium is charged. It will specify the nature and extent of the disability that needs to be sustained in order to trigger the benefit, and its duration. The insurer may require periodic medical proof of an ongoing disability that meets the requirements of the rider.