Waiver of Premium Benefit
Protecting your premiums

Also known as premium protection or premium waiver, Waiver of Premium benefit is available as an additonal option on most protection policies including term life insurance, mortgage protection and critical illness cover.

If you are unable to work due to illness or injury the insurance company will continue to pay the premiums to your policy until you return to work or your policy finishes. The payment of your premiums begins after a set waiting period which you choose when applying for your cover. This is called the ‘deferred period’ and can be 8, 13, 26, or 52 weeks long. The longer the deferred period the lower the cost of this option will be.

Waiver of Premium benefit typicall costs 5-7% of the policy premium but may increase if you have a history of certain medical conditions or an occupation with hazardous duties.

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