Waiver of Premium
If you have a waiver of premium clause (which you would see in an insurance product) it means that in certain circumstances you do not have to pay your insurance premium. If you fell ill, had an accident or became unemployed then the waiver of premium clause would activate and essentially pay your premium for you.
A waivers of premium is not automatically added to insurance policies (it would cost extra to take one out) so if you do want one, make sure to ask for it to be included.
|