5. Life & Health: Life Insurance Riders

What is a life insurance rider?

Benefit options to tailor a policy to the owner’s needs.

What is the disability rider: waiver of premium

If the policyholder becomes disabled, the rider will pay the premiums so they continue to have coverage for the duration of the policy.

What is the waiting period?

The insured must be unable to work during a certain period of time, usually 90 -180 days.

— if still unable to work at end of waiting period, premiums paid during that time are retroactively refunded

During what time period is a waiver of premium available as a rider?

During the insured’s working years and expires between 60 - 65. If they’re permanently disabled before that age, premiums are waived for life.

What is a disability waiver for flexible premium policies?

Such as in universal life, it suspends the monthly deductions made from the cash account instead of waiving the premium payment.

What are the disability waivers for flexible premium policies also called?

• waiver of monthly deductions

• waiver of cost of insurance

Can a pol