Introduction
Premium Waiver Riders in Thailand
CCW Global and our Thailand insurance partners can source life insurance policies that are able to be enhanced with a Premium Waiver Benefit rider. This can be an important safeguard that keeps your coverage active, even if you become totally disabled and are unable make premium payments.
This type of benefit rider, often referred to as a Waiver of Premium (WP), ensures that your life insurance remains fully in force during a period of certified total disability. Instead of suspending the policy or risking a lapse, the insurance company will continue to cover your premium obligations on your behalf. This means all coverage and policy benefits continue uninterrupted, just as if you were paying the premiums yourself.
Waiver of Premium riders can typically be added to most life insurance plans in Thailand, and are especially valuable for individuals concerned about long-term financial stability in the face of unexpected health events.
Overview
Premium Waiver Criteria
Benefit Waiting Period
Premium Waiver Riders typically come with a built-in waiting period.
Under this type of optional life insurance rider, a set timeframe that must pass after the policyholder becomes totally disabled before the insurer begins waiving premium payments. During this initial waiting period, the policyholder is still responsible for paying premiums to keep the policy active.
While this may appear onerous, especially for someone who’s no longer earning an income, many insurers will retroactively refund those payments if the disability continues beyond the waiting period, and the claim is approved. This feature helps ensure the insured isn’t unfairly penalized during an already difficult time.
It’s important to note that the waiting period applied to a Premium Waiver Rider differs from the waiting periods commonly associated with Thailand health insurance plans, which usually refer to the length of time you must have been enrolled in your policy before certain medical benefits become available.
Age Limitations
Premium waivers are typically only available to policyholders within a specific age range; this benefit is most commonly offered to individuals between 15 and 65 years old. This means that outside of these age limits, the benefit may not apply - even in the event of a qualifying disability.
To avoid surprises, it’s essential to carefully review your life insurance policy details or speak with your advisor to confirm whether you're eligible for this rider based on your age at the time of application or claim.
Premium Frequency
It is often the case that premium waivers on Life insurance products are applied monthly; even when the original policy is structured with annual payments. This is because most policies include a clause that automatically adjusts the payment frequency to monthly if the policyholder becomes permanently disabled.
This approach ensures that only the appropriate portion of the annual premium is waived, especially in cases where the disability may not be permanent, or occurs mid-policy year.
Quotation
Thailand Life Insurance Consultation
If you would like to request a consultation for a life insurance plan in Thailand which includes a premium waiver benefit, simply complete the short form on this page.
Once you have submitted your request a Life Insurance advisor from CCW Global or our Thailand Insurance Partners will contact you to further discuss your coverage requirements.
Alternatively, you may also Contact Us and speak directly to an advisor today.
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