How is the insured protected if a payor benefit rider is attached to the life insurance policy?

The payor benefit rider on a life insurance policy provides crucial financial protection by waiving premium payments if the premium payor, typically a parent or guardian of the insured, dies or becomes disabled. This ensures that the life insurance policy remains in force during a time of financial difficulty, allowing the insured to maintain the benefits of the policy even if the payor can no longer continue making the required premium payments.

This rider is particularly valuable for policies insuring minors or individuals who rely on another person for premium payments, as it protects against lapses in coverage when the payor is unable to fulfill their financial obligations. This feature directly supports the intention behind life insurance, which is to provide financial security to the insured and their beneficiaries, even in the face of unexpected circumstances.

The other options do not accurately describe the function of a payor benefit rider. Automatic conversion to whole life, receiving a lump sum benefit, or doubling of benefits in case of accidental death pertain to different policy features or riders and do not offer the specific financial safeguard that the payor benefit rider does.