What is a "waiver of premium" rider?

A "waiver of premium" rider is a provision in a life insurance policy that allows the policyholder to stop making premium payments if they become disabled and unable to work. This rider ensures that the life insurance coverage remains in force during the policyholder's period of disability without the financial burden of paying premiums.

By including this rider, policyholders can maintain their life insurance protection, providing peace of mind knowing that even in the event of a serious health issue, their loved ones will still be financially supported should anything happen to them. This feature is particularly valuable as it reassures individuals that their policy will remain active even when their income may be significantly reduced due to a disability.

The other options describe various aspects of life insurance policies but do not accurately reflect the function of a waiver of premium rider. For example, some would suggest altering premiums in different scenarios, but the key function of this rider exclusively addresses premium payments during periods of disability.