A waiver of premium for payer benefit rider in an insurance policy states the insurance company will not require the payor to pay premiums to maintain the plan under certain conditions. The life insurance company operates as a payor when there is an event that qualifies under the waiver of premium for payer benefit.

It's important to note the different parties associated with an insurance policy; the applicant; insured; owner; and payor. The key is that the insured is not always the payer, where the payer is the party designated by the policy owner to make premium payments on the insurance policy.