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It is also called the waiver of premium for disability as it provides an optional addition to the policy that can help prevent the life insurance coverage from lapsing if the policyholder cannot make payments on time due to certain medical problems.
It is applicable in the case of severe injury or permanent illness.
The waiver of the premium rider may be offered at a higher monthly premium. Still, the price varies depending on the health condition and likelihood of disability or chronic medical problem.
The policy is available for people in age from 18 to 60 years, those who do not have pre-existing disabilities.
There is no additional fee associated with it, but the terms vary from one individual to another.
The premium covers three levels - when one cannot continue work, if one cannot work in a job that suits the qualifications and experience, and if one cannot work in any field.
To get claims through such guaranteed return insurance plans, one may submit personal identification details (Social Security number), a medical report, the claim form details, and a letter of instruction from the policy owner.
One can file a claim more than once and must wait more than six months to get it waived.
The benefit will be waived once the policyholder becomes normal medically, but if the condition is long-term, the payment will be covered for up to 65 or 70 years.
In case of recurring medical problems, it may be considered a continuation depending on the time passed, and one may no longer have to wait for six months.
In some cases, global health investment funds with such waivers are activated following the death of the insured and the purchaser, where you report someone claiming benefits through the one who pays for the policy.
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