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.