Which type of rider will waive the premium on a child's life insurance policy if the parent paying the premium dies?

The payor benefit rider is specifically designed to address situations where the person responsible for paying the premiums on a life insurance policy, often a parent, becomes unable to do so due to death. When this rider is included in a child's life insurance policy, it ensures that if the parent passes away, the insurance company will waive future premiums for the child's policy, keeping the coverage in force without any out-of-pocket expense for the bereaved family.

This rider provides financial security and peace of mind to families, knowing that their child's life insurance coverage is maintained despite the loss of income from the deceased parent. Other types of riders, such as the accidental death benefit or waiver of premium due to disability, do not fulfill this specific function of waiving premiums in the event of the parent's death. Additionally, an adjustment for inflation is unrelated to premium payment responsibilities and focuses more on policy value rather than premium payment.