I had a premium waiver on my life insurance when I came down with GBS and after a lot of hassle the insurance company finally realized that I was disabled and did waive the premiums. That is until the age of 60. I did not realize that this fine print was with the waiver when I signed the contract. I thought that the premiums would be waived until I passed on. When I turned 60 I had to either start paying the premiums again or convert the worth of the Whole Life policy into cash or an annuity. I chose the annuity for tax purposes. I have no life insurance, which is fine because I can use the money now and would not have been able to use the it the other way.:)
Guess what I am trying to say is always check out the fine print.