What is the benefit of including a waiver of premium clause in a policy?

Including a waiver of premium clause in a policy provides significant benefits, particularly in maintaining coverage during periods of incapacity. This clause ensures that if the policyholder becomes disabled or seriously ill and is unable to work, they will not have to pay premiums to keep the policy active. This feature is crucial for ensuring that insurance protection remains in force when the insured individual may need it the most, especially during times of financial difficulty due to inability to earn an income.

Having this clause means the policyholder can focus on recovery without the added worry of losing their life insurance coverage. This is particularly important for those who might rely on their insurance for financial security in case of a death that could leave dependents in a difficult position. By keeping the coverage active without the financial burden of premiums, individuals can safeguard their financial protection plans even in adverse situations.