A waiver of premium rider [contract clause] is an extra benefit that you can add to your insurance policy for a small fee. Waiver of premium for disability is a provision in an insurance policy contract that states the insurance company will not require the insured to pay the premium if they are seriously injured. This allows you to keep your insurance coverage even if a serious injury or illness forces you out of work. Keeping your insurance coverage is a good thing, says an LTD lawyer at Verkhovets Law at Verkhovets Law.