If you have been regularly employed within the same industry for 12 consecutive months and are laid-off, you may qualify for lay-off waiver of your premium for your American Income Life (AIL) insurance policy
Lay-off Waiver of Premium provides for a waiver of premiums while the insured is on a qualified lay-off and is actively seeking work. A qualified lay-off is the termination of employment in an announced reduction of force due to economic reasons affecting at least 10 persons.
If this application is returned within 60 days after date of lay-off, one month’s premium will be waived for each full month thereafter the insured is unemployed as a result of such lay-off.
The maximum benefit period is three months.
The waiver will only apply to policies which were in force 60 days prior to the start date of the lay-off. If the premium is being waived on a policy on which the laid-off employee is the insured, the waiver will also apply to otherwise qualifying policies on which the laid-off employee’s spouse is the insured.