Question: With Asset Care, how does the “new” waiver of premium work?
Answer: With the updated Asset Care, the way the waiver of premium (WOP) functions has changed. Simply, the WOP waives charges for both the base policy and Continuation of Benefit Rider when an insured is on claim. Once the claim ceases, the premium payments will commence.
With the revised pricing, the WOP is priced into the product whenever recurring premium funding is selected. However, it is not available for policies rated Table 5 or higher.