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Anyone work in Life Insurance?
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DebG
Pick a cause & stand up for it
Member since 5/05 18602 total posts
Name:
The cure IS worse!
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Anyone work in Life Insurance?
I am looking for definition of two terms
Waiver of Premium and elimination period.
I just got a letter saying that Due to the approval for waiver of premium my policy has been cancelled as of 10/31/06 (the day the policy I hold is dated)  Of course my mail came late today and it is too late to call anyone.
Just trying to figure out how freaked I should be.
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Posted 7/9/07 6:08 PM  |
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KLSbear
LIF Adult
Member since 1/06 1908 total posts
Name:
Karen
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Re: Anyone work in Life Insurance?
Posted by DebG
I am looking for definition of two terms
Waiver of Premium and elimination period.
I just got a letter saying that Due to the approval for waiver of premium my policy has been cancelled as of 10/31/06 (the day the policy I hold is dated) Of course my mail came late today and it is too late to call anyone.
Just trying to figure out how freaked I should be.
Elimination period is generally a period of time that one needs to wait before something takes effect. You may need to be disabled for a certain number of weeks or months before the waiver kicks in.
A Waiver of Premium is generally a rider one purchases that allows a policy holder who becomes disabled or seriously ill to not pay the premiums.
What sounds odd about the way you've written your question is that it says they approved the waiver of premium but refer to the policy as cancelled?
Did you stop making payments on the policy thinking the Waiver of Premium rider was already in effect and they were paying your premiums? If you had done so without satisfying the elimination period perhaps they have cancelled the policy because it had lapsed? If so, you might be able to get it re-instated, especially if you stopped making payments on the wrong advice of your agent.
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| Posted 7/9/07 7:21 PM |
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DebG
Pick a cause & stand up for it
Member since 5/05 18602 total posts
Name:
The cure IS worse!
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Re: Anyone work in Life Insurance?
Posted by KLSbear
Posted by DebG
I am looking for definition of two terms
Waiver of Premium and elimination period.
I just got a letter saying that Due to the approval for waiver of premium my policy has been cancelled as of 10/31/06 (the day the policy I hold is dated) Of course my mail came late today and it is too late to call anyone.
Just trying to figure out how freaked I should be.
Elimination period is generally a period of time that one needs to wait before something takes effect. You may need to be disabled for a certain number of weeks or months before the waiver kicks in.
A Waiver of Premium is generally a rider one purchases that allows a policy holder who becomes disabled or seriously ill to not pay the premiums.
What sounds odd about the way you've written your question is that it says they approved the waiver of premium but refer to the policy as cancelled?
Did you stop making payments on the policy thinking the Waiver of Premium rider was already in effect and they were paying your premiums? If you had done so without satisfying the elimination period perhaps they have cancelled the policy because it had lapsed? If so, you might be able to get it re-instated, especially if you stopped making payments on the wrong advice of your agent.
It makes no sense to me either. I can't understand if I have a policy or not.
We were paid up, they cashed the check back in November and today we got a letter stating above and in a seperate envelope was a check for what we paid.
eta- ty for helping
Message edited 7/9/2007 9:07:36 PM.
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| Posted 7/9/07 9:05 PM |
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