Primerica Life Producer Practice Test

What is the typical waiting period on a Waiver of Premium rider in life insurance policies?

1. 3 months

2. 6 months

3. 12 months

4. 24 months

The correct answer is: 6 months

The typical waiting period on a Waiver of Premium rider in life insurance policies is usually six months. This means that if the insured becomes disabled and cannot work, they must wait for this period before the insurance company begins waiving the premium payments. The reasoning behind a six-month waiting period is to ensure that the disability is substantial and likely to continue for an extended duration before the waiving of premiums applies. Policies often have this waiting period to prevent any potential misuse of the rider by individuals who may claim disability without a significant condition. Six months serves as a reasonable time frame for the insurer to assess the situation regarding the insured's ability to work before granting the benefit. Other waiting periods, like three months or twelve months, may exist in specific insurance policies or companies, but six months is the most commonly recognized duration for many policies with this rider. A twenty-four month waiting period is generally not typical, as it may dissuade policyholders from utilizing the benefit when genuinely needed.