Answer:
Under a disability insurance policy, a waiver of premium benefit allows the insured to waive future premium payments should they become disabled or ill. Depending on the insurance provider, this rider may come for free as a clause in the policy or the policyholder may have to add it as a rider at an additional cost. Qualifications for a waiver of premium rider vary depending on the insurance carrier, and typically include the policyholder not having a pre-existing disability or illness and being less than 60 or 65 years old. Additionally, the policyholder must meet certain requirements for the policy to take effect, such as a waiting period and the policyholder not being able to perform the occupation for which they qualified through education, experience, or training.
Step-by-step explanation: