What does the waiver of premium rider do in life insurance?

The waiver of premium rider in life insurance is designed to protect policyholders by ensuring that their life insurance coverage continues without the need for premium payments if they become totally disabled. This rider is particularly beneficial because it alleviates the financial burden during a period when the insured is unable to work and make premium payments due to a qualifying disability.

When this rider is included in a policy, and the insured meets the criteria for total disability, the insurer will waive the premiums due for the duration of the disability, allowing the policy to remain in force as long as required. This ensures that the beneficiary will still receive the life insurance coverage in the event of the insured's death, despite the inability to pay premiums during the period of disability.

This feature is critical for individuals who may be concerned about maintaining their life insurance policy and ensuring financial protection for their beneficiaries, especially during challenging times. The other choices, such as increasing death benefits, providing a return of premium on cancellation, or offering a cash value increase, do not accurately describe the primary function of the waiver of premium rider.