- If you are under age 55 and accepted on standard terms and normal rates, you can choose to take out a Waiver of Payment 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 an illness or accident needing medical or surgical treatment after six months of incapacity.
- 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 functional assessment tests.
- Legal & General will continue to waive premiums until one of the following occurs:
- you return to work or fitness, so no longer qualify for the waiver
- you reach the end of your policy term
- you reach your 60th birthday
- you die
Waiver of Payment
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