Life Assurance

Waiver of Premium

Waiver of Premium or Premium Protection allows you to protect your policy premiums in the event of you suffering ill-health or an accident rendering you unable to work. It normally provides that if you are ill for 6 months or more and unable to carry on your normal occupation then the insurance company will pay or "waive" the premiums from the 7th month onwards. The benefit ceases when you recover and return to work.

This means that your policy is protected against lapse should you be unable to fund the premiums due to lack of income. Some insurers will offer shorter or longer deferred periods. Terms are selected at the outset and a small additional cost is included in the premium dependent on the level of cover chosen, your occupation at the time and your state of health. On average this amounts to as little as 3% of the premium, per life covered.

The premium can be reviewable or guaranteed.



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Financial Conduct Authority.


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