What is the name of the rider that allows an insurance company to forgo premium collection if the insured becomes disabled?

The rider that allows an insurance company to forgo premium collection if the insured becomes disabled is known as the waiver of premium. This rider is beneficial for policyholders as it provides financial relief during a time when they may be unable to work due to their disability. With this rider in place, if the insured becomes totally disabled for a certain period, the insurer waives the requirement to pay premiums, ensuring that the policy remains in force and continues to provide coverage despite the insured's financial difficulties during that time.

The other options refer to different types of riders or benefits related to insurance policies. For instance, the payor benefit typically applies to juvenile policies and allows a policy to stay in force without premium payment if the payor (often a parent or guardian) becomes disabled or dies. Guaranteed insurability allows the insured to purchase additional coverage at specified times without medical underwriting. Waiver of cost of insurance is specific to universal life insurance policies, allowing the costs associated with the insurance coverage to be waived under certain circumstances, but it does not relate directly to disability as the waiver of premium does.