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How To Apply For A Disability Waiver of Premium Under A Life Insurance Policy

Step 3. Before proceeding with applying for the waiver, consider a few words of caution

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If you have group coverage and you are considering a sale of your policy for cash (a "viatical settlement"), it can be beneficial to have the policy reviewed by a reputable broker or purchasing company prior to applying for the waiver. There are times when activating a waiver of premium provision can prevent a sale from taking place in the future due to the provisions of the group policy. To learn more, see Alternatives For Obtaining Money From A Life Insurance Policy.

If your policy or coverage is less than two years old, exercise caution when applying for the waiver. During the first two years of most policies, the insurance company that issues the policy has a right to contest the validity. The insurer cannot do this on a whim, however.

If your policy is less than two years old, review the application for the coverage to make sure that all of the information you provided in order to obtain the coverage was accurate. In other words, be sure the insurance company would not have a reason to contest the validity of the policy before you request information apply for a waiver of premium.

During your initial inquiries with the insurance company or your employer, it may be wise not to disclose information about your health condition, since it really isn't relevant. You may be asked about your condition or your diagnosis, but more than likely it is because the individual you are speaking with is nosy, or fishing around for information that they don't need. If you are asked about your health condition, you can politely respond that you don't wish to discuss it.

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