What is the primary purpose of a waiver of premium rider?

The primary purpose of a waiver of premium rider is to waive premium payments if the insured becomes disabled. This rider ensures that if the insured is unable to work due to a disability and cannot make their premium payments, the insurance company will take over the payment of premiums on behalf of the insured. This feature helps to maintain the policy in force during a challenging time, ensuring that coverage continues even when the insured's financial situation may be impacted by their inability to earn income due to disability.

In essence, the waiver of premium rider serves to protect the policyholder’s insurance coverage and provides peace of mind, knowing that they will not lose their policy due to an inability to pay premiums while incapacitated. This protection is crucial for individuals who rely on their insurance for financial security and benefits during periods when they cannot work.

The other options reflect features that do not align with the primary function of the waiver of premium rider. Increasing the policy’s face amount, allowing cash withdrawals, or converting insurance types represents different functionalities not associated with the act of waiving premiums in the context of disability.