The Waiver of Premium provision states that a disabled member can continue their life insurance without payment of premium while they are totally disabled. Most insurance carriers offer several Waiver of Premium options. The two most common are:
Waiver of Premium coverage if the member is disabled prior to age 60 and once disabled the benefit will last until age 65; and Waiver of Premium coverage if the member is disabled prior to age 55 and once disabled the benefit will last until age 60.
A member must be totally disabled due to sickness, accidental injury or pregnancy and unable to perform the reasonable duties of his/her gainful occupation. The waiting period is normally 180 days and partial disability does not count towards this waiting period.
