What is a "waiver of premium" rider in an insurance policy?

A "waiver of premium" rider is a valuable provision in an insurance policy that allows the policyholder to stop making premium payments if they become disabled. This rider ensures that the insurance coverage remains in force even when the policyholder cannot afford to pay premiums due to a disability-related loss of income. The intent behind this feature is to provide financial protection and peace of mind, as it allows individuals to maintain their life insurance benefits during challenging times without the added burden of making premium payments while they are incapacitated.

The other options refer to different features or clauses that are not related to the "waiver of premium" rider. For example, provisions related to increasing benefits or guaranteeing refunds address different aspects of insurance policies and do not provide the specific benefit of waiving premiums during a period of disability.