What benefit does a payor benefit rider provide?

A payor benefit rider primarily offers a safeguard in case the payor, often a parent or guardian, dies or becomes disabled. This rider ensures that the premiums for the policy continue to be paid during the child's or insured's formative years until they reach a specific age, typically around 18 or 21. This means that if the payor passes away, the policy remains in force without the need for additional premium payments during that critical period, providing peace of mind and financial stability for the insured.

This feature makes the payor benefit rider particularly valuable, as it alleviates the burden of premium payments during a potentially difficult time, ensuring that the life insurance coverage remains intact. The focus is not on converting policies or providing refunds, but rather on maintaining coverage without requiring payments during a challenging time for the family.