What does a premium waiver rider do?

A premium waiver rider is a provision in a life insurance policy that stipulates that if the policyholder becomes totally disabled for a specified period, their premium payments will be waived. This means that during the time the policyholder is unable to work and generate income due to the disability, they will not have to worry about making premium payments, ensuring that their life insurance remains in force. This rider provides financial relief during a challenging time and protects the policyholder's family by ensuring the insurance coverage remains intact, even when the policyholder is unable to contribute financially due to a disability.

The other options do not accurately reflect the function of the premium waiver rider. For instance, increasing the death benefit, providing additional accidental death coverage, or extending the contestability period are different features that do not connect with the core function of a premium waiver rider.