What is the main benefit provided by a Payor rider?

The main benefit provided by a Payor rider is a temporary waiver of premium. This rider is designed for situations where the policyholder, often a parent or guardian, becomes unable to pay the premiums due to a disability or death. When the Payor rider is in place, the insurance company waives the premiums for a specified duration, ensuring that the policy remains in force without the need for ongoing payments. This can be particularly beneficial for policies covering a child, allowing them to maintain coverage even if the primary payor faces financial difficulties due to unforeseen circumstances. It helps to protect the insured's coverage and prevents lapses that could occur if premiums are unpaid.