In short
Waiver of premium is an option that keeps your cover going by paying your premiums for you if illness or injury stops you working.
Waiver of premium is an add-on to many protection policies. If you become unable to work due to illness or injury, after a waiting period the insurer pays your premiums for you, so the cover stays in force while you have no earnings to pay for it.
This can be valuable, because it protects exactly the cover you may need most at a difficult time. Without it, missing premiums during a period off work could cause the policy to lapse just when the protection matters.
Waiver of premium usually adds a small amount to the cost, and the terms, including the waiting period and how incapacity is defined, vary between insurers. It is worth checking whether it is included or available when setting up cover.
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