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Byron Adele, founder and CEO of A Q Quote, explains the essential feature of life insurance called the waiver of premium, designed to assist policyholders who become disabled and cannot work. This feature was developed to prevent policies from lapsing during times of financial hardship. If a policyholder becomes totally disabled before age 60, their life insurance company will cover the premium payments starting in the seventh month of disability, continuing for the duration of their disability. Adele notes that while terms may vary between insurers, this feature is crucial for individuals facing debilitating conditions, ensuring that life insurance remains intact even without income.