Payor benefit rider will waive the premium on a child's life insurance policy if the parent paying the premium dies.
The impact of the payor benefit rider on the insured avoids the problem. It also makes sure and guarantees that insurance stays in force by waiving the premium amount of payment if the premium payor dies or becomes disabled while the insured is the juvenile. Although there are several term sand conditions which are set for the payor benefit as of when and how long the premium waiver will stay in effect.
There is another benefit which is being provided by the payor benefit that is in the event of the premium payor's death or disability, which is that premiums of the policy will be waived until and unless the insured child will attain a specific age or unless the maturity date of the contract, whichever occurs first.
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