Waiver of premium option means that the insurer will take over the premium payments 6 months after you become unable to work following an accident or illness. This means the cover continues free of charge to the policyholder during extended periods of disability. The waiver of premium claim stops when you are assessed as fit to return to work.
Waiver of premium is to be recommended as it protects the policyholder against the possibility that cover may lapse during a long period of illness which if followed by death might mean the cover had been withdrawn at the very time it was needed. Waiver of premium usually adds around 3% onto the premium (per life).
