Waiver of Premium
If you are under age 55 and accepted without a rating or an exclusion being made, you can choose to take out a waiver of premium option on your life insurance or mortgage life insurance. This means you do not have to pay your premiums if you cannot follow your normal occupation, due to incapacity caused by illness or accident needing medical or surgical treatment after 26 weeks.
Things you need to know
- You must continue to pay your premiums for the first 26 weeks if you are incapacitated.
- Your premiums are waived after 26 weeks if you are unable to work because of incapacity.
- If you are not in work before the onset of incapacity, your premiums are waived if you are unable to perform three or more of the following functional assessment tests:
1. Walking - the ability to walk a distance of 200 metres on flat ground with or without the aid of a walking stick and without stopping or experiencing discomfort.
2. Bending - the ability to get into or out of a standard saloon car, and the ability to bend or kneel to pick up an object from the floor and straighten up again.
3. Climbing - having the ability to climb a flight of 12 stairs without stopping or suffering severe discomfort.
4. Communicating - the ability to answer a telephone and to take a message.
5. Reading - having the required eyesight (corrected if necessary) to be able to read a daily newspaper.
6. Writing - the physical ability to write legibly using a pen or pencil without aid. - Legal & General will continue to waive premiums until the first of the following occurs:
- You're fit to return to work.
- Your policy ends; or
- You no longer fulfil the definition of incapacity.
