November 22, 2017

Payor Rider

What is a payor rider?

A payor rider is often used in juvenile life insurance policies. It states that if the payor (person paying the premiums) of the policy dies or becomes disabled before the child has reached a specified age (i.e. age 21 or 25) the insurer will waive all further premiums until the child reaches that age.

This makes it possible to guarantee that a juvenile life insurance policy will accomplish what its owner wants it to. Simply put, the child will not be without an insurance policy if something happens to the parent or guardian.

Tags: Life insurance, Dallas Fort Worth Life Insurance Payor Riders, Juvenile Life Insurance Policies in Dallas Fort Worth Texas