What does the 'waiver of premium' rider accomplish?

The 'waiver of premium' rider is a provision that permits policyholders to stop making premium payments without the policy lapsing under specific circumstances, typically when the insured becomes disabled and unable to work for a specified period. This rider ensures that the policy remains in force and that the insured continues to retain their benefits despite their inability to pay premiums due to financial hardship from disability.

This feature offers significant peace of mind, ensuring that individuals do not lose their life insurance coverage during challenging times, promoting financial security for the policyholder's beneficiaries. It is especially beneficial for those who rely heavily on their income to maintain their insurance and may face difficulties after an unexpected disability.

Other options do not accurately describe the purpose of the 'waiver of premium' rider. Reducing the death benefit, providing accidental death coverage, or offering cash value accumulation are functions associated with different provisions or riders but not the waiver of premium.