Our Waiver of Premium Agreement waives the policy premium if the insured becomes totally and permanently disabled.
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Waiver of premium agreement
If the insured becomes totally and permanently disabled prior to policy anniversary nearest the insured’s age 60, we will waive the premium to the earlier of:
- The date of the insured’s recovery if the recovery occurs prior to the policy anniversary nearest the insured’s age 65; or
- The insured’s age 121, provided the insured remains totally and permanently disabled as of the policy anniversary nearest the insured’s age 65.
If the insured becomes totally and permanently disabled on or after the policy anniversary nearest the insured's age 60, we will waive the monthly premium to the earlier of the date of insured's recovery or the policy anniversary nearest the insured's age 65.
See policy pages for complete information regarding this agreement for your specific product.
Products with the Waiver of Premium Agreement:
- Advantage Elite Select Term
- Convertible Annual Renewable Term
- Eclipse Accumulator Indexed Universal Life (IUL)
- Eclipse Protector II IUL
- Premier Variable Universal Life (VUL)
- VUL Defender®
- Eclipse IUL - NY
Get a custom illustration
Your life sales team can provide a custom illustration for your next case:
- 1-888-413-7860 (BGA)
- 1-877-696-6654 (BD)
Please keep in mind that the primary reason to purchase a life insurance product is the death benefit.
Life insurance products contain fees, such as mortality and expense charges (which may increase over time), and may contain restrictions such as surrender charges. Variable life insurance products contain fees, such as mortality and expense charges, and may contain restrictions, such as surrender periods. There may also be underlying fund charges and expenses, and additional charges for riders that customize a policy to fit individual needs. Charges and expenses may increase over time. The variable investment options are subject to market risk, including loss of principal.
Waiver of Premium for Disability Agreement may be subject to additional costs and restrictions, may not be available in all states or may exist under a different name in various states.
This agreement does not in any way replace the specific coverages provided in your policy. Both policy benefits and wording may vary to comply with state regulations.
Additional agreements may be available. Agreements may be subject to additional costs and restrictions. Agreements may not be available in all states or may exist under a different name in various states and may not be available in combination with other agreements.
Insurance products issued by Minnesota Life Insurance Company / Securian Life Insurance Company
Policy form numbers: ICC16-20075, 16-20075 and any state variations; 08-900SL.31; ICC12-900, 12-900 and any state variations; ICC15-20040, 15-20040 and any state variations; ICC16-20074, 16-20074 and any state variations; ICC13-470, 13-470 and any state variations; ICC19-20204, 19-20204 and any state variations; ICC18-20150, 18-20150 and any state variations; ICC18-20149, 18-20149 and any state variations; 18-20155
The information presented above is solely intended for use by financial professionals. Such information is not intended for public consumption or dissemination.
For financial professional use only. Not for use with the public. This material may not be reproduced in any way where it would be accessible to the general public.