What does the Payor benefit typically provide?

The Payor benefit is designed to provide financial assistance in the event that the policyholder, who is often the person responsible for paying the premiums, becomes unable to make those payments due to a qualifying event, such as a disability or death. Typically, this benefit offers a temporary waiver of premiums, meaning that while the policyholder is incapacitated, the insurer will cover the premium payments for a specified duration or until the policyholder returns to a position where they can resume paying them. This feature ensures that the insured remains covered during difficult financial times, preventing the policy from lapsing due to non-payment.

In this context, the temporary nature of the waiver is an essential aspect, as it implies that once the qualifying event is resolved, normal premium payments will resume. The other options, such as a permanent waiver of premiums, are not typically covered under the Payor benefit, as this feature is concerned with temporarily alleviating the financial burden rather than permanently waiving all future payments or modifying the policy's benefits in other ways.