What is a "waiver of premium" rider?

A "waiver of premium" rider is a provision that allows policyholders to stop making premium payments if they become disabled or unable to work due to a covered illness or injury. This means that while the policyholder is disabled, their insurance coverage continues without the need to pay further premiums. This rider is particularly valuable for individuals who might otherwise struggle to keep up with premium payments during a time of financial strain caused by disability. It ensures that their life, accident, or health insurance remains in force, providing ongoing protection without added financial burden during a challenging period.

The other options don't accurately describe the function of the waiver of premium rider. Increasing the death benefit, offering discounts to healthy policyholders, or presenting additional costs for higher coverage do not relate to the core feature of waiving premium payments during disability.