Imagine if one day doctors told you that you’ll have to use a wheelchair for the rest of your life. It would be life-changing and tough — you might have to quit your job, spend more on healthcare, cut down your expenses, and even think about stopping your term insurance policy because you can’t afford the yearly premium anymore.
But what if you could keep your policy without paying premiums in such a situation?
Some insurers offer a waiver of premium benefit. This means if you become permanently disabled or are diagnosed with a serious illness like cancer, you don’t have to pay premiums anymore — but your policy will still remain active.
It’s a small extra cost when you buy your policy, but in difficult times, it can be a huge help. If you want long-term protection without worrying about payments during tough times, this is a benefit worth considering.