What is the term for the provision that suspends premium payments while the insured is disabled?

The term that refers to the provision allowing suspended premium payments while the insured is disabled is known as a Waiver of Premium. This feature is particularly important in life insurance policies, as it ensures that the policy remains in force even if the policyholder is unable to make premium payments due to a disability. The Waiver of Premium typically becomes effective after a specified waiting period and covers the premiums for the duration of the disability, ultimately providing peace of mind to the insured that their coverage will continue without any financial burden during difficult times. This helps maintain the insurance contract's validity and protects beneficiaries in the event of the insured's passing while they are disabled.

Other terms mentioned do not accurately describe this provision; for example, Premium Cancellation implies a different scenario where the policy might be terminated rather than just allowing for deferred payments during a disability. Disability Suspension and Coverage Exemption also do not establish the specific arrangement that allows for ongoing coverage without premium payments in the case of a disability.