Life insurance is a great way to help protect your loved ones in the event of your death during the policy term.
But what if you were unable to work due to incapacity caused by illness or injury and could no longer afford the premiums? Waiver of Premium could be the solution.
For an additional cost, Waiver of Premium can be added at the start of your policy. However, this cannot be added later on. You're responsible for maintaining your premiums for the first 26 weeks of incapacity, after 26 weeks, Legal & General will waive your monthly payments, giving you one less thing to think about.
Your premiums are waived when you are too ill to undertake your normal occupation for 26 weeks or more due to incapacity caused by illness or injury.
Things you need to know
- You must be under age 55 and accepted on standard rates.
- If you are not in work before the onset of incapacity, your premiums are waived after 26 weeks if you are unable to perform three of the following specified work tasks ever again:
- Walking - The ability to walk more than 200 metres on a level service
- Climbing - the ability to climb up a flight of 12 stairs and down again, using the handrail if needed.
- Lifting - the ability to pick up an object weighing 2kg at table height and hold for 60 seconds before replacing the object on the table.
- Bending - the ability to bend or kneel to touch the floor and straighten up again
- Getting in and out of a car - the ability to get into a standard saloon car, and get out again.
- Writing - the manual dexterity to write legibly using a pen or pencil, or type using a desktop computer keyboard.
- Legal & General will continue to waive premiums until one of the following occurs:
- you're fit to return to work;
- your policy ends; or
- you no longer fulfil our definition of incapacity.