When you buy life insurance, consider including the Waiver of Premium rider1. When elected, it keeps your protection in place by waiving premiums if you, as the insured, are unable to work due to injury or illness and are considered totally disabled. Additionally, even if you own disability income insurance and should become disabled, the benefits obtained from a life policy with Waiver of Premium could provide supplemental income2 after the disability policy benefits end.
The Waiver of Premium rider maintains your life insurance coverage while you are unable to work, freeing up cash flow for other critical needs. And, with a whole life policy, your cash value is guaranteed to grow. In this way, a whole life policy with Waiver of Premium is a unique, self-completing financial asset.
If you should become total disabled3 before age 60 and continuously for at least six months:
- Guardian will waive premiums due for as long as you remain disabled.
If total disability begins before age 60 and continues to age 65:
- You will be considered disabled for life and any remaining premiums due will be waived.
If total disability begins on or after age 60, and before age 65:
- Premiums will be waived until age 65 or for two years, whichever is longer.
If you qualify for benefits under the Waiver of Premium rider, Guardian also will refund any premiums, monthly deductions, or specified amounts you paid during the six-month waiting period.
Waiver of Premium rider costs are based on your age and underwriting class.
Because people are living longer in general, many live with chronic or terminal illnesses for longer periods of time. According to recent statistics, more than one in four of today’s 20-year-olds can expect to be out of work for at least a year because of a disabling condition before they reach normal retirement age.5 Having life insurance in place helps protect a financial future for you and your heirs, and Waiver of Premium can help make your policy self-completing if you’re unable to make premium payments due to illness or injury.
Check with your Guardian representative to find out about your specific situation and the benefits of including a Waiver of Premium when you purchase a policy!