The purpose of a rider for your life insurance policy is to customize your coverage in a way that better meets you and your beneficiaries' needs. Waivers of premium are one such rider that makes it possible to avoid policy lapses should the insured become disabled and can't meet their premium obligations. This is an ideal solution for challenging life circumstances, but claims involving this waiver can be difficult to navigate with a skilled life insurance attorney to guide you with your life insurance denial.
What Is a Waiver of Premium?
Waivers of premium are a type of rider that continues your life insurance coverage when you are critically ill or debilitated. You won't be required to make your usual monthly payments when using this benefit and won't have to worry about your policy lapsing or being canceled.
There are several steps for this benefit to go into effect. The first of which is sending your insurer a request before the required deadline outlined in your policy.
How Does a Waiver of Premium Work?
Covered individuals who cannot work due to serious illness or total debilitation will need to review the specific requirements to qualify for their Waiver of Premium benefit. Usually, this means submitting a request to your life insurance company by the given deadline and providing evidence of your disability.
This usually entails proving the following:
Your disability is the result of an accidental injury or illness, and,
You can no longer work, and,
You were disabled before turning 60 years old, and,
You have had this disability for at least six months prior to applying for your waiver of premium benefit.
It should be noted that the waiting period one must wait until they can file often depends on the company holding the policy. Further, there is a limit on how long you can have your premiums waived. You can expect this benefit to end should the covered individual recover from their disability, or you fail to submit the necessary evidence of continued impairment. Also, once the insured reaches age 70, it's possible coverage may end.
Was Your Waiver of Premium Request Denied?
If your recent request for a waiver of premium was denied, don't lose hope! We regularly represent policyholders, insureds, and beneficiaries in this type of claim denial. We will assess your policy to determine whether the insurance company was justified in rejecting your claim and discuss alternative steps to resolve the issues causing the denial.
Trust our years of experience representing numerous waivers of premium issues to get your life insurance policy back on track and in good standing. We have the expertise and in-depth industry knowledge to bypass stonewalling claims adjusters and resolve your delayed or denied claim, as well as any beneficiary disputes that may arise during the process. Reach out to our firm day or night to schedule your free consultation.