What type of rider expires when the insured turns 18 years old?

The correct answer is the payor benefit rider. This rider is specifically designed to protect the life insurance policy for minors by ensuring that if the payor (usually a parent or guardian) dies or becomes disabled, the premiums for the policy will be waived. However, this rider typically expires when the insured child reaches adulthood, which is commonly at the age of 18.

Understanding this concept is important because it highlights the purpose of the payor benefit rider in providing financial security for the coverage of minors, which automatically concludes once the insured is no longer considered a minor. Other types of riders, such as the spouse term rider, children’s term rider, and accidental death rider, do not have a similar expiration linked specifically to the age of the insured turning 18.