The Payor Benefit is the rider that provides for a waiver of premium when the policy owner and the insured person are not the same person.
Explanation:
When the owner of the policy becomes disabled, the policy provider offers the policy owner the Payor Benefit. The Payor Benefit is a rider that allows the policy owner to have the concession of waived premium for he had chosen to ensure someone else through the policy provider.
This benefit comes as a goodwill gesture done by the policy provider to help the policy owner in the time of crisis.
