Waiver of Premium for Payer Benefit
Candlefocus EditorTypes of events that can trigger a waiver of premium may include becoming disabled, unemployed, or reaching a certain age. Depending on the terms of the rider, the policyholder will no longer be responsible for the payment of premiums if a qualifying event does occur, protecting them from financial losses due to the inability to continue paying for the policy on behalf of the other party.
In addition to allowing policyholders to provide uninterrupted coverage, the waiver of premium for payer benefit riders can also provide peace of mind to policyholders, knowing that coverage will continue even in the event of a financial stressor. These riders can provide valuable assurance and financial security to policyholders, making them a worthwhile consideration, particularly for those taking on a significant financial burden for the sake of providing coverage for someone else.
If the policyholder does decide to add a waiver of premium for payer benefit to their policy, they can rest assured that the cost for such coverage is relatively minimal and is a worthwhile investment for providing assurance and financial security. A waiver of premium for payer benefit provides policyholders with valuable and affordable protection and is something that every policyholder should consider if they are paying an insurance policy on behalf of someone else.