Payor benefit

{
  "id": "MLC-T-INS-003712",
  "term": "Payor benefit",
  "field": "Insurance and risk management",
  "definition": "A rider or provision added to a juvenile life insurance policy, such as one for a child, that waives premium payments if the person paying the premiums dies or becomes totally disabled. The waiver remains in effect until the insured child reaches a specified age, for instance 21 or 25, at which point the premium payment obligation resumes. This feature is designed to keep the policy in force even if the payor, who is often a parent or guardian, can no longer make payments.",
  "url": "https://mlchart.com/terminology/insurance/payor-benefit/"
}