Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Feb 17, 2021

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The Facts of Life

  • Waiver of premium riders can be added to life insurance policies to protect you if you become disabled or critically ill
  • Once you become disabled, you’ll likely have a waiting period of four to six months before your waiver of premium benefits apply
  • A waiver of premium rider will waiver all or a portion of your monthly life insurance premiums


A waiver of premium rider is an added life insurance benefit that can be a useful asset in emergency situations. Most companies offer an assortment of riders to help customize your term life insurance policy.

Customizing your life insurance policy can be helpful but can also lead to unnecessary expenses. This article will highlight how the waiver of premium rider works, steps to qualifying for a waiver of premium rider, and more.

Ready to get life insurance with a waiver of premium rider? Get personalized rates from top companies in minutes using our free quote tool above.

What is a waiver of premium rider?

A waiver of premium rider is a valuable life insurance rider benefit that can protect the insured if they become disabled.

What is an insurance rider benefit? These are add-ons to insurance policies to make them more flexible. Riders can be important features when you’re looking to buy life insurance.

In this case, imagine you’re paying hundreds of dollars per year for life insurance. You get into a car accident on your way to work and you become physically unable to perform your job. What will you do?

The waiver of premium rider benefits will waive all or a portion of your life insurance policy. This means you won’t have to pay as much, or at all, but there’s a catch. The waived portion of your premiums comes from your death benefit.

In a sense, the waiver of premium rider is an accelerated death benefit. Before you buy a waiver of premium life insurance rider, it might help to know how they work.

How does a waiver of premium rider work?

Waiver of premium riders are available to most life insurance policyholders. Depending on the insurer, policyholders might have to pay an additional premium.

Once you have purchased a waiver of premium rider, it remains idle unless you become disabled, critically ill, or just seriously injured. There are some common conditions that could qualify you to use your waiver of premium rider:

  • Cancers
  • Traumatic Brain Injuries (TBIs)
  • Strokes
  • Heart Attacks
  • Kidney Failure
  • Liver Failure

The list of critical illnesses will depend on the life insurance provider, so be sure to look into those before you add on your waiver of premium rider. The CDC does provide further insight into disability data and statistics.

Assuming you have been diagnosed with a critical illness or disability, you’ll need to provide proof to your insurer to satisfy the waiver of premium claim requirements.

Once you’ve filed all necessary paperwork, you’ll likely have a waiting period before your waiver of premium is implemented.

What is the waiting period on a waiver of premium rider in life insurance?  Most companies include a waiver of premium waiting period of four to six months. This means you won’t be able to halt your life insurance premiums right away.

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Is a waiver of premium rider worth it?

All-in-all, the waiver of premium rider is another added feature that customizes your life insurance policy. Should I get a waiver of premium rider? You might want to invest in a waiver of premium rider if you have any of the following:

  • Dangerous job/hobbies
  • Family history of critical illness
  • Low savings/assets
  • Over the age of 50

The waiver of premium rider is designed to reduce financial risk for the insured. If you are at an increased risk of becoming disabled or critically ill, the waiver of premium rider could be a beneficial feature for you.

Life insurance for the disabled can be rather expensive. Purchasing a policy that protects you beforehand could save you a ton of money.

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Pros and Cons

Still not sure about the waiver of premium rider after learning about the requirements, benefits, and function? We’ll simplify the good and the bad.

Pros

  • Decreases financial risk if you become disabled
  • Easy to apply to most life insurance policies
  • Prevents forfeiture of life insurance policies

Cons

  • Increases monthly premiums
  • Reduces death benefit if used
  • May have a long waiting period

At an increased risk of becoming disabled or critically ill? You may want to invest in a waiver of premium rider to protect your financial stability.

Waiver of Premium Rider: The Bottom Line

A waiver of premium rider can be a useful tool if you have a dangerous job, have limited savings, or as you’re aging. One simple fall could change your life, the waiver of premium rider could help.

Hoping to get affordable waiver of premium life insurance? Always be sure to compare life insurance rates first. Get instant quotes from multiple companies today using our free quote tool below.