In the context of Life Insurance, Premium Protection means that if you are off work due to illness, accident or unemployment, then the premiums on your policy are paid for you by the insurance company and your policy is thereby, kept up to date.
In the context of life insurance, Premium Protection is an optional extra. It ensures that, if you are off work for a period of time due to accident, illness or being made redundant, then the premiums on your life insurance policy are paid for you and your policy is thereby, kept up to date.
Many insurance companies also call this option ‘Waiver of Premium’. (The option will not cover you if you became unemployed voluntarily.)
This optional extra is very cheap and in our view, well worth including in your policy.
Life Insurance
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