Waiver Of Premium - (WOP)
Protection and Insurance Advice
Waiver of Premium Benefit (WOP)
Waiver of Premium (or Contribution) benefit is offered by most life companies as a bolt on option to life assurance policies as well as to other policies such as pensions.
This valuable benefit will pay the premiums on your policy if you are unable to work due to long term incapacity. Premiums are actually 'waived' by the company but deemed to have been paid by you. This cover is inexpensive and can ensure that your policy continues, uninterrupted.
There is usually a deferred period before this type of benefit is paid and can be between three and six months. The insurance company will expect you to pay the premiums during the deferred period.
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