As a parent you will always aim for the safety and security of your children. Ensuring
their financial security with a good insurance policy is the first step towards
planning your childs future.
When it comes to your childs insurance, riders are especially important. Riders
are special options you can add to an insurance policy by paying an extra premium.
There are a range of riders that you can add to an insurance policy. For example,
there is the accidental death benefit, family income benefit, etc. When it comes
to child insurance, however, waiver of premium rider is the most important.
What is a waiver of premium rider?
Waiver of premium rider is an additional cover that you can buy to supplement your
life insurance policy.
In case an unfortunate event makes a policy holder disabled or injured, the waiver
of premium rider will take care of the future premiums to be paid.
This rider ensures that the premiums to be paid are waived off in case you lose
a source of income owing to an injury or illness.
Do you need it for your childs insurance policy?
This rider is an important add-on to any life insurance policy. And in case of child
insurance, it becomes extremely crucial.
Usually, as a parent, you are the primary policy holder of a child insurance policy,
and pay the premiums. In case of an unfortunate event that affects you in any way,
the waiver of premium rider takes care of the premiums to be paid from then on.
So you do not have the burden of paying the premiums, and your child remains protected.
Hence, by adding a waiver of premium rider to your policy, you can ensure that the
policy does not lapse due to the ill-effects of a single unfortunate incident. That
way, you can rest assured that your childs future is protected at all times.
Tip: Check the terms and conditions of the waiver of premium rider before adding
it to your child insurance policy