When you purchase a waiver of premium rider with your life insurance, you will be informed of the specific waiting period before the premium protection kicks in. The specific length of the waiting period varies by insurer. For most insurers, the waiting period is four to six months. That means your insurer will not waive the insurance premiums for the first four to six months after you become disabled. If you remain disabled for the long term and the waiting period passes, you may be able to obtain a refund of the premiums paid during your waiting period.