What is PREMIUM WAIVER?
This is a benefit in an insurance policy where the future premium payments are waived under certain conditions.
This benefit can apply in the case of an accident, disability or death of the person who had been contributing to the premiums.. In other words, the waiver of premium allows people to benefit from a policy even when they are unable to contribute towards it. It is considered an optional or supplementary benefit.
Can anyone get this benefit?
For an upfront fee or an additional monthly premium,some insurance companies will incorporate this benefit into a policy.
There are also medical PREMIUM WAIVER products available that provide principal members of a medical scheme with the security of knowing that, in the event of their death, their dependants will receive ongoing funding to continue their medical scheme membership.
To summarise: The purpose of the PREMIUM WAIVER benefit is to continue paying premiums due by a policyholder on an underlying policy in the event of a specified insured event. For more information on Premium Waiver and many other insurance products contact Total Risk Administrators.
Note: All material on this website is provided for your information only and may not be construed as medical advice or instruction. No action or inaction should be taken based solely on the contents of this information; instead, readers should consult appropriate health professionals on any matter relating to their health and well-being. The information and opinions expressed here are believed to be accurate, based on the best judgement available to the authors, and readers who fail to consult with appropriate health authorities assume the risk of any injuries. Errors and Omissions Excepted. Terms and Conditions Apply.