What does a waiver of premium rider allow in a life insurance policy?

A waiver of premium rider is a provision in a life insurance policy that protects the insured in the event of total disability. This rider allows the insured to stop making premium payments without risking the lapse of the policy while they are unable to work due to their disability. The policy remains in force, and the insurer covers the premium payments during the period of total disability.

This feature is particularly beneficial because it ensures that the policyholder's beneficiaries will still receive the death benefit, despite the insured's inability to pay premiums because of sudden incapacity. It does not allow for skipping payments for a set number of years or increase the benefit amount of the policy. Instead, it specifically addresses the financial burden of premiums when the insured finds themselves incapacitated, ensuring continuous coverage and peace of mind.