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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 in case the policyholder is unable to 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 premium per month but 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 on three levels - in conditions when one is unable to continue work, if one cannot work in their own job that suits the qualifications and experience and if the person is unable to work in any field.
To get claims through such guaranteed return insurance plans, one may have to submit the personal identification details (Social security number), a medical report, the claim form details, and the letter of instruction from the policy owner.
One can file a claim more than once and will have to wait for more than 6 months to get it waived.
The benefit will be waived once the policyholder becomes normal medically, but if the condition is considered to be long term, the payment will be covered up to 65 or 70 years.
In case of recurring medical problems, it may be considered to be a continuation depending on the time passed and one may no more have to wait for 6 months.
In some cases, such global health investment funds with such waivers are activated following the death of not the insured but the purchaser where you report someone claiming benefits through the one who pays for the policy.
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