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What Is A Payor Rider For Life Insurance?

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<p>Life insurance products can be confusing. Very important when protecting your families future and your personal estate. Attached to each life insurance policy are riders, options, exclusions, provisions and waivers. A rider is a separate document that “rides”. Attaches to the main life insurance policy that gives special provisions that provide benefits or make adjustments to the policy.

In most cases with juvenile life insurance policies, a parent or guardian is the policy owner that pays the premium and coverage, while the child is the insured. A payor rider on a policy will cease premium payments of premium if the parent (policy owner) becomes disabled or dies. The payments will become waived by the insurance company until the child has reached a certain age, usually ages 21 or 25.

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