Waiver of Premium

Waiver of Premium is an optional extra which can be built into most life assurance policies. It provide that if the life or lives assured are disabled through accident or sickness for a specified period or more (usually 6 months) then the premiums will be “waived” by the insurance company after that time (effectively, the insurance company will pay them for you).

In most cases, we would recommend including this within your plan. The cost is minimal (usually a maximum of 2% of the cost of the assurance). What it means is, that if you could not work for a prolonged period due to accident or illness, you would not be forced into having to cancel your assurance policy because you were no longer getting paid from your work and put your family / mortgage at risk