Series 6: 6.3.3.7. Waiver Of Premium

Taken from our Series 6 Online Guide

6.3.3.7. Waiver of Premium

A premium waiver is a rider on an insurance policy that waives the insured’s future payments if she becomes seriously ill or disabled. This allows individuals to benefit from their insurance policies, even when they are unable to work.

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Summary Table

Advantages and Disadvantages of Variable Life Insurance Products

Advantages

Ability to choose how the money will be invested to better meet the policyholder’s goals

Minimum death benefit

Ability to earn a higher death benefit and cash value on the account

Ability to exchange the variable policy with a whole life policy within the first two years of the policy

Voting rights

Greater chance to beat inflation on cash value and death benefit

Disadvantages