What does a "waiver of premium" rider allow policyholders to do?

A "waiver of premium" rider allows policyholders to stop making premium payments if they become disabled, typically for an extended period. This rider ensures that the policy remains in force without the need for the insured to pay premiums during the time they are unable to work due to a disability. This is particularly beneficial as it provides peace of mind, ensuring coverage continues even in financial hardship caused by health issues.

The other options reference different features of insurance policies but do not relate to the specific function of a waiver of premium rider. Transferring a policy to another insurer, increasing coverage amounts, or converting term insurance to whole life are all distinct provisions and options that do not pertain to the waiver of premium benefit aimed at providing support during disability circumstances.