Waiver of Premium Rider

A safety net to a Gerber Life Insurance Family Plan Term or Whole life policy for those who become totally disabled.

If you’ve decided to buy life insurance, you have a lot to think about. What type of policy should you buy? How much should you budget to pay for the policy? What amount of coverage will you need to protect your family?

A question that may not be top-of-mind, especially for young adults, is, “What would happen to my life insurance coverage if I'm disabled, can't work and unable to pay the premium?”. With a Family Plan Term or Whole life policy, the answer is simple: You can buy a Waiver of Premium rider.

What is a rider?

A rider is a statement of provisions added to your main insurance policy. Riders offer the option of purchasing safeguards over and above those in the standard policy. The Waiver of Premium rider added to a Family Plan Term or Whole life policy protects you if you become totally disabled as defined in the rider and can no longer make payments on your policy. Additionally, the benefit is payable during periods of pregnancy.

How a rider works

The rider waives all premiums due for the insured if the insured becomes totally disabled as defined in the rider before the policy anniversary on which the insured reaches age 60. If total disability happens after the policy anniversary on which the insured reaches age 60, the rider waives all premiums due for the insured up to the anniversary on which the insured reaches age 65. The disability must have persisted for at least six months for the rider to go into effect. Your insurance coverage will remain in force and the cash value that has been building in your policy will continue to grow. Your family will have the protection they count on.

Considering that you would have many bills to pay after suffering a disabling illness or injury, wouldn’t it be reassuring to have some extra cash available? With the rider in place to cover premiums, your Family Plan Term or Whole life policy would remain fully in force, and come with accumulated cash value that you could borrow against for expenses.

Before the rider can take effect following disability, Gerber Life will require proof of disability through statements from your doctor or doctors. You must demonstrate that you are totally disabled, meaning you can no longer perform the duties of your job or any other job for which you’ve become reasonably suited. This benefit is also available to homemakers.

Waiver of Premium rider costs

The cost of a Waiver of Premium rider depends on a number of factors, including the benefit amount of your insurance policy and your age at the time of purchase. Premium waiver riders are also available on other types of Gerber Life insurance products.

Total disability is an unfortunate circumstance for anyone. When a breadwinner is suddenly disabled, the loss of income can be devastating for his or her family. Yet – if you’ve planned ahead, there are safety nets, such as the Waiver of Premium rider that can ensure your life insurance policy will continue and your premiums waived. That’s one less worry if you ever have to face the challenge of being totally disabled.

The Gerber Life Family Plan

Our Family Plan lets you select either a Term or Whole Life insurance policy, with the option to add riders to cover a spouse and or children. It also offers the option to add a Disability Waiver of Premium (DWP) rider, which gives you additional peace of mind. Call us at 833-520-2294 to learn more.