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Byron Adele, founder and CEO of A Q Quote, discusses the waiver of premium feature in life insurance policies, which was introduced to prevent policies from lapsing when customers become disabled and lose their income. This feature becomes active if a policyholder is totally disabled, typically before age 60, allowing the life insurance company to cover their premiums starting in the seventh month of disability for as long as it lasts. The specifics can vary by insurance provider, but this benefit helps ensure that individuals maintain their life insurance coverage during challenging times when financial priorities shift to basic needs like food and shelter.