Which type of life insurance typically includes a Payor Benefit rider?

The type of life insurance that typically includes a Payor Benefit rider is juvenile insurance. A Payor Benefit rider is designed to protect a child's insurance policy in the event that the policyholder (usually a parent or guardian) becomes unable to pay the premiums due to death, disability, or other specified reasons. This rider ensures that the policy remains in force so that the child can benefit from the coverage as they grow older, without the risk of losing it because of the payor's circumstances.

Juvenile insurance policies are specifically structured to cover the lives of minors, often accumulating cash value and offering the child protection that can grow with them. The inclusion of the Payor Benefit rider is particularly relevant for these policies, as it addresses the unique needs of insuring a child and the financial responsibility of the adult payor. Hence, this rider provides an important safety net, ensuring that the juvenile policy remains effective regardless of unforeseen hardships faced by the adult responsible for premium payments.