Keeping your coverage if you become disabled.
No one wants to think it will happen, but you can cover yourself with a Disability Waiver of Premium rider.1
You buy life insurance to protect what's important to you. For example, if you own a business, you may want to leave to leave it to the next generation, or at least have your family be able to maintain their standard of living if you die. But, what happens if you are unable to pay your premiums as a result of a disability? The Disability Waiver of Premium rider may be your answer.
What the rider can do for you.
The Disability Waiver of Premium rider, when attached to an eligible life insurance policy, helps you continue your policy’s coverage during a total disability. It does so by waiving the premiums on a policy when the insured has suffered from a total disability that has lasted for at least six months.
Once proof of disability has been furnished, the rider takes effect. Depending on the type of policy and the age of the insured at the time of disability, (and as long as the rider is in effect), all premiums due during the time the insured is disabled are waived. In fact, though the disability must continue for six months before the waiver is invoked, because it is retroactive, we will refund premiums paid from the time of the onset of the disability up to six months. Please check the policy and ask your Agent how the waiver of premium operates depending on the type of policy and age at which disability occurs, because different standards apply
The rider is available at additional cost for certain policies. It also works differently, depending on the age when the insured becomes disabled and type of policy owned.
Did you know?
For New York Life Whole Life policies, if disability begins and before the policy anniversary at age 60 , and does not end until after age 65 and after the policy anniversary, then we will—without asking for further proof of disability—waive all premiums until age 100.
For New York Life Term Life policies issued since 1996, if disability begins before the policy anniversary, and disability continues beyond the policy anniversary at age 65, then we will—without asking for further proof of disability—waive all premiums until age 80. At that point, New York Life will replace the term policy with a whole life policy of an equal face amount to the existing term policy with premiums waived for life.
To discuss your life insurance needs with a local New York Life Agent, click on the “Talk to Us” button, and we’ll help find an Agent near you.
1Riders such as the Disability Waiver of Premium rider are optional and only available through purchase of a policy.
In Oregon, the Whole Life policy form number is ICC12213-50. The rider form numbers are: Disability Waiver of Premium: 208-225; Level Premium Convertible Term 5: 210-450; and Yearly Convertible Term: 210-340.27.