Waiver of Premium A clause or rider on a life insurance, disability, or long-term care insurance policy that cancels the premium payments the insured must make if he or she is disabled longer than a certain time period (usually six months) and as long as he or she continues to be disabled. The policy remains in force even though the insured is no longer paying the premiums.

Whole Life Insurance A life insurance policy that remains in full force and effect for the entire life of the insured, provided that premiums are paid.