14.5.1 Waiver of Premium Rider
The waiver of premium rider works the same as with the other insurance policies - the insured may be exempt from making premium payments during the period of total disability. (Again, the definition of "total disability" is crucial here as well.) The insured must be totally disabled for a contract-specific time period (usually three or six months). The waiver of premium rider generally does not extend past the insured's age of 60 or 65.
This rider is usually included with guaranteed renewable and noncancelable individual disability income policies.
Since this rider increases the insurer's risk, premium payments are increased as well - at least until the insured reaches the attained age or until the rider is dropped.
