Waiver of Premium Benefit

This is a way of insuring your life insurance monthly premiums in case you cannot work because of ill health and your Doctor has provided you with a sick note (but NOT because of unemployment or redundancy).

The insurer pays the premiums for you, from the end of a specified period (know as the deferred period, which varies from contact to contract), until the end of the policy; you return to work; you reach a specified age, or are unable to return to work.

You usually buy this optional extra with your life insurance policy.