I have private Life Insurance Policy (separate from work) and just recently discovered that it offers Waiver of Premiums for Total disability.
I never knew that this is even a thing, until I just found out after my being on LTD for 5 years now.
So it seems that private Life Insurance can (not sure they will due to me not applying when disability commenced) waive the premiums for the duration of disability and potentially apply it retroactively in my case. I will try to apply and see if my application will be considered, because it’s 5 years of premiums that really add up…
Just in case this info can be useful for someone who has Private Life Insurance and might have Waiver Policy.
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Good luck. Thanks for pointing this out. Yes, Waiver of Premium is a common benefit for both LTD and Life Insurance Policies. You should apply and hopefully they will process the application. They may limit the retroactive coverage to two years but still cover you going forward. This is a “late application” situation so normal limitations of actions laws do not apply. There is discretion under the insurance acts to allow these late applications where there is a good reason for the delay and no prejudice to the insurer.
David Brannen
Disability Lawyer with Resolute Legal
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