What does the "waiver of premium" benefit allow policyholders to do?

The "waiver of premium" benefit is a provision found in many life insurance policies that allows policyholders to skip premium payments if they become disabled. This feature is particularly important because it ensures that a policy remains in force even when the policyholder is unable to work and pay premiums due to a disability.

By waiving the requirement to pay premiums during the period of disability, the policyholder can maintain their life insurance coverage without financial strain. This provision provides peace of mind and financial protection, making it possible for individuals to focus on their recovery without the added worry about losing their insurance benefits.

The other options do not accurately describe the waiver of premium benefit. While transferring a policy to another insurer or converting term insurance into whole life insurance may have their own respective processes and conditions, they do not relate to the waiver of premium. Similarly, receiving double the death benefit after a certain age is not connected to this benefit, as the waiver specifically addresses the issue of premium payments in the event of a disability, rather than benefits related to age or policy transfer.