Waiver of premium is an invaluable benefit that is highly recommended as an included benefit on every plan.

Basically this benefit ensures that the premiums to a plan are maintained during a life assureds sickness or disability.

The way it works is simple, if selected and the applicant is unable to work due to sickness and disability for a given period of time (normally 3 to 6 months) then the life insurance company pay the premiums to the plan. This benefit can continue until the end of the life contract or up until retirement but specific terms and conditions can be found in the key features document of the particular life insurance contract.

When making a decision on this benefit it should be noted that when you are off work due to sickness or disability money is inevitably going to be at its tightest and it is generally at this time that life policies lapse as a result of missed premiums. This benefit ensures that any plan is in force premiums paid to date at what can be the time it is needed most.