What Is The Waiting Period On A Waiver Of Premium Rider In Life Insurance Policies Quizlet?

What is the waiting period on a waiver of premium rider in the life insurance policies?

Most individual life insurance policies have a waiver of premium rider.

“Once you are covered under a waiver of premium rider, the typical policy requires a waiting period of six months after you become disabled,” says Paul Wetmore, assistant vice president of Life Product Management at MetLife..

Which of the following is true about the waiver of premium rider on an insurance policy?

The waiver of premium rider stipulates that the insured must be totally and permanently disabled in order to pay benefits. … The correct answer is: The amount paid is one half of the face amount of the life insurance policy. Some riders can affect the death benefit of a life insurance policy.

What is a waiver of premium rider?

A waiver of premium rider is an optional insurance policy clause that waives insurance premium payments if the policyholder becomes critically ill or disabled. To purchase a waiver of premium rider you may need to meet certain requirements for age and health.

What does it mean to be a rider on an insurance policy?

Riders are essentially additional benefits added to an insurance policy that often require an additional premium payment. In this way, riders can customize a life insurance policy to address specific needs or concerns.

What is a waiver of contribution?

If, in the future, you couldn’t work for more than six months because of a serious illness or accident, waiver cover would continue to pay the contributions into your pension plan (certain conditions apply). You can apply for waiver cover up to age 58.

Which of the following is attached to a permanent life insurance policy?

Which rider, when attached to a permanent life insurance policy, provides an amount of insurance on every family member? Correct! With the “Return of premium” rider attached to the policy, upon the insured’s death, the benefit paid will be the face amount plus an amount equal to all the premiums paid on the contract.