Premiums for LTCI depend on age, place of residence, the amount of coverage desired, the coverage elimination period chosen, and whether an inflation rider and waiver of premium rider
I had placed a waiver of premium rider
on the policy.
Waiver of premium rider
: Waives premium obligations during a period of disability or illness, while the insured continues to benefit from the policy.
Additional riders available Disability Waiver of Premium Rider
A waiver of premium rider
on existing or new life insurance policies will provide for payment of premiums after a stated period of disability.
For one family, purchasing a waiver of premium rider
on the wife's life insurance policy took the protection a step further, and emphasized the importance of avoiding delay in making financial strategy decisions.
To assure itself of funds to meet its obligation, the employer could purchase a disability income contract, or it could partially protect itself by adding a waiver of premium rider
to any life insurance contract on the employee's life.
Royal Neighbors of America, a women-led life insurer, has launched Promise Plus coverage, a whole life insurance product offering a Cancer Waiver of Premium Rider
to benefit women in the event of a diagnosis of cervical, ovarian, or breast cancer.