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Should I Buy Waiver of Premium on a Life Policy?

Are you afraid of missing out on your life insurance premiums? Worry no more because the waiver of premium rider is here to save the day! This rider can be added to your policy and may cover the payment of your premiums during a period of disability. What does this mean? Well, it means that your life insurance policy remains intact even when you can’t pay for it yourself. This is especially helpful when you’re already vulnerable due to a disability caused by an accident or illness.

Don’t let a disability get in the way of securing your family’s future. By adding the waiver of premium rider, you can focus on recovering while your life insurance policy remains active. This rider ensures that your loved ones won’t have to worry about financial burdens during this difficult time. So, go ahead and add this rider to your policy to protect your family’s future!

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Should a person buy Waiver of Premium, or have Disability Insurance?

Life Insurance Companies Usually have a Poor Definition of Disability

Life insurance companies often have a problem with their waivers of premium. The issue lies in the definition of disability, which is often not very good when you want to claim. Typically, a waiver will state that you’re disabled when you can no longer perform all duties of your occupation and are not capable of doing any other job that suits you. This means that if you’re a professional in the oil and gas industry who is disabled, you won’t receive payment if you can work as a clerk in a store. Furthermore, most waiver of premium riders stop paying at age 65.

A better decision could be to cover the cost of your life insurance premium in case of disability with your disability insurance policy. This is because your disability insurance plan offers a much more liberal definition of disability. For instance, a personal disability insurance policy may pay for both partial and total disabilities. You would be covered if you couldn’t perform your own occupation, unlike only being covered if you couldn’t do any occupation.

With disability insurance people who are in more stable and less risky professions, for example – accountants, have both better definitions of disability and cheaper premiums.  People in higher risk industries for injury like roofers or industrial divers will pay much higher premiums, if they can get disability insurance at all.

On the other hand, Waiver of Premium riders do not have different rates for different job classifications.  Therefore this rider may make sense to people in occupations which would pay high rates for disability insurance.  For most other policyholders it does not represent a good value.  If you would like to get a disability insurance quote to see what your premium would be, please visit our disability insurance quote request page at

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