This benefit is available on most life insurance policies, subject to your health and occupation.
It ensures that the premiums to the policy are met in the event of your prolonged sickness, accident or disability. i.e. if you are still off work after (usually) 6 months, then the insurer ‘waives’ the cost of your monthly insurance premium until you are able to return to work or retire.
It generally costs less than a couple of pounds per month to have this included in your policy.
Please note: Waiver of Premium does not provide redundancy cover. Also, it will only cover the payments for the life insurance policy itself - not your mortgage payments or anything other insurance.
For cover that protects additional expenditure such as your mortgage or living expenses, you should be looking at Mortgage Payment Protection, which we will be happy to help you with!