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A waiver of premium rider is an insurance rider that allows policyholders to stop making premium payments if they become disabled. The rider will typically pay for the policy's premiums until the policyholder is no longer disabled, at which point the policyholder would begin making premium payments again.
There are a few things to keep in mind if you're considering adding a waiver of premium rider to your policy. First, you'll need to make sure that your policy includes this rider. Not all policies do, so it's important to check before you add one on. Second, you'll need to be aware of the terms and conditions of the rider. Some riders have strict definitions of what qualifies as a disability, so it's important to make sure you understand what the rider covers. Finally, you'll need to keep in mind that adding a rider to your policy will typically increase your premiums. So, if you're on a tight budget, you may want to weigh the costs and benefits of adding a rider before making a decision.
There are a few things to keep in mind if you're considering adding a waiver of premium rider to your policy. First, you'll need to make sure that your policy includes this rider. Not all policies do, so it's important to check before you add one on. Second, you'll need to be aware of the terms and conditions of the rider. Some riders have strict definitions of what qualifies as a disability, so it's important to make sure you understand what the rider covers. Finally, you'll need to keep in mind that adding a rider to your policy will typically increase your premiums. So, if you're on a tight budget, you may want to weigh the costs and benefits of adding a rider before making a decision.
