What are the advantages of Waiver of Premium rider?

A waiver of premium provision in a life insurance policy excuses the payment of future premiums in the event that the insured (or owner of the policy, if different) becomes disabled from working and is rendered unable to pay the premiums. Stated otherwise, it may be analogized to a form of disability coverage which has as its benefit the payment of the life insurance premium.

The waiver of premium of rider is an option that may be offered at the inception of the life policy and for which an additional premium is charged. It will specify the nature and extent of the disability that needs to be sustained in order to trigger the benefit, and its duration. The insurer may require periodic medical proof of an ongoing disability that meets the requirements of the rider.