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

The Payor Benefit rider is specifically designed for juvenile insurance policies. This rider addresses a unique situation where the policyholder, typically a parent or guardian, becomes unable to pay premiums due to death or disability. In such cases, the Payor Benefit rider ensures that the premiums will be waived, allowing the life insurance policy covering the child to remain in force.

Including a Payor Benefit rider is particularly relevant in juvenile insurance as it protects the investment in the child's future insurability while mitigating the financial risk associated with the parent or guardian's unforeseen circumstances. The focus on juvenile insurance reflects the understanding that parents are the primary controllers of such policies, and safeguarding the coverage is essential for the child's long-term benefit.