by 
The Curious Bag
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There are times when you need to continue paying for your life insurance policy, but the loss of a job due to a long term illness or disability makes that impossible. For those times, you might consider adding a waiver of premium rider to your life insurance policy for a small extra premium.
Identification
A waiver of premium rider, like any rider, is an added benefit to a life insurance contract.
Function
A waiver of premium rider allows a life insurance policyholder to stop paying premiums if they meet the life insurance company's definition of disabled or seriously ill.
Considerations
Before you can actually stop paying your premium under the waiver of premium rider, you must submit the required documentation to the life insurance company and have the waiver approved.
Significance
With a waiver of premium rider, you can rest assured that your family will still receive a death benefit even if you can no longer afford to pay the premiums on your life insurance.
Warning
In general, to qualify, you will need to be ill or disabled for at least six months and you must not be able to work in any profession that is like the one in which you had previously been employed.
Source:
Investopedia: Waiver of Premium Rider
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