Waiver of Premium Question

[iiinycboi]

heres the situation

daughter buys MET WL for mom. has disability waiver of premium.

daughter is owner and payor, how does disability waiver of premium help her?

also there is an option for for applicant waiver f premium but its not available for some reason.

am i misunderstanding the situation? it doesnt matter who the payor is? if the insured is disabled, the premiums are covered? vs the payor is disabled who will be responsible for the premiums?

 

[VolAgent]

If you are paying for someone's insurance, you are probably paying their bills. If they become disabled, odds are their bills will be going up. So yes, it would stand to benefit the daughter if mother becomes disabled.

In this situation, I think waiver of disability covering the payor/owner would have had more value.

 

[Cornelius]

Best bet would be to look at a sample policy and see the wording of the rider or look at a producer guide. Disability is probably tied to the insured but as I said different carriers have different riders..

 

[iiinycboi]

so for Met's waiver of premium due to disability rider states

"we will waive the premiums for the policy and all riders, unless otherwise stated in a flexible additional insurance rider or an option to purchase additional insurace rider if one is attached to the policy.... (then the conditions of being disable and proof of INSURED)

This doesnt say if it matters if payor is someone else. i would think they will waive all the premium if insured becomes disabled, based on the wording.

now for the payor, the applicant disability waiver of premium can only be added if the insured is 15 or under.

our situation is the daughter buying for her mother. how can we protect the payor in case she becomes disable?

 

[VolAgent]

Make sure the daughter has all the DI she can get.

 

[WinoBlues]

Find a policy that allows the payor waiver or do a DI policy on the payor

so for Met's waiver of premium due to disability rider states

"we will waive the premiums for the policy and all riders, unless otherwise stated in a flexible additional insurance rider or an option to purchase additional insurace rider if one is attached to the policy.... (then the conditions of being disable and proof of INSURED)

This doesnt say if it matters if payor is someone else. i would think they will waive all the premium if insured becomes disabled, based on the wording.

now for the payor, the applicant disability waiver of premium can only be added if the insured is 15 or under.

our situation is the daughter buying for her mother. how can we protect the payor in case she becomes disable?