Waiver of Premium
A rider that can be added to a life insurance policy that states that the insurance company will waive (forgive) premium payments if the policyholder becomes totally and permanently disabled.
Detailed Explanation
This ensures that coverage can continue even if the policyholder loses their ability to work and earn income.
Practical Example
John added a waiver of premium rider to his life insurance policy. If he were to become totally disabled and unable to work, he wouldn't have to worry about paying his premiums to keep his life insurance coverage in force.
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