A payor benefit rider provides which of the following benefits?

A payor benefit rider is specifically designed to address the financial burden that may arise if the payor of the policy, typically a parent or guardian, passes away or becomes incapacitated. By including this rider in a life insurance policy, the insurance company agrees to waive premium payments for a specified period, ensuring that the policy remains in force even if the payor can no longer make payments due to their death.

This rider is particularly valuable in policies for minors, as it ensures that the life insurance coverage continues without interruption, providing peace of mind to the family. The temporary waiver of premium can often last until the child reaches a certain age, after which regular premiums resume as stipulated in the original policy terms.

In contrast, the other options do not accurately reflect the functionality of a payor benefit rider. For instance, while a long-term coverage extension, a reduced premium payment, and a guaranteed insurability option are features that can be found in other types of riders or policies, they do not capture the specific remit of a payor benefit rider. Thus, the focus on the temporary waiver of premiums directly correlates to the primary benefit provided by this rider.