What does the Waiver of Premium Rider do?

The Waiver of Premium Rider is designed to provide financial relief to policyholders who become disabled and are unable to work. If a policyholder meets the criteria specified in the rider—generally being totally disabled for a predetermined period—the insurance company will waive future premium payments while the disability persists. This ensures that the insurance coverage remains in force even when the policyholder is unable to pay premiums due to their disability. This rider is particularly valuable because it protects both the policyholder's financial interests and their life insurance coverage, addressing the significant burden that a disability can impose.

The other options do not accurately describe the function of the Waiver of Premium Rider, as some pertain to different aspects of life insurance policies, such as premium adjustments, additional coverage types, or temporary coverage that do not involve waiving premiums due to disability.