What is the purpose of a "waiver of premium" rider?

The purpose of a "waiver of premium" rider is to waive premium payments if the policyholder becomes disabled. This rider is particularly valuable for individuals who may find themselves unable to work due to a disability, as it ensures that their life insurance coverage remains in place without the need to make ongoing premium payments during the period of disability.

This feature helps policyholders maintain their insurance protection, as the inability to pay premiums could lead to the policy lapsing. By including this rider, the insurance company takes on the responsibility of covering the premium costs while the policyholder is unable to do so, thereby providing essential financial security during a challenging time.