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What is a waiver of life insurance premium?

What is a waiver of life insurance premium?

May 1, 2024

The waiver of life insurance premium is provided to ensure that the amount of life coverage you had when you became disabled can be maintained (even if there are changes in your plan), at no cost to you. Essentially, the insurance company will “lock-in” your life coverage and forgo future premiums while you are disabled–even […]

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What if the previous life contract that I was covered under did not include waiver of life insurance premium provision? What if I missed the deadline to make application for the waiver of life insurance premium benefit? What if I was not approved for a waiver of life insurance premium under my previous plan?

May 1, 2024

The OSSTF Benefits Life Insurance Contract requires that you must be actively at work for benefits coverage to become effective. If you were not actively at work on the date your coverage would normally become effective, your coverage will take effect the day you are actively at work. However, if you were not approved for […]

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I was going on LTD just prior to the transition. What do I do?

May 1, 2024

If your date of disability is prior to the transition date, we encourage you to apply for a waiver of life insurance premium under your previous plan. There may be a deadline to apply for this benefit and we recommend that you contact your previous carrier as soon as possible to ensure your life coverage […]

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