What is the effect of a "waiver of premium" rider in a life insurance policy?

The "waiver of premium" rider in a life insurance policy specifically allows the policyholder to stop paying premiums if they become disabled. This feature is designed to protect the policyholder's coverage during periods when they may not be able to work due to a disability. If the policyholder becomes totally disabled, the insurer will waive the premium payments for the duration of the disability, ensuring that the life insurance coverage remains in force without requiring premium payments during that time. This rider provides valuable peace of mind, as it prevents the loss of coverage due to financial constraints resulting from a disability.

The other options do not accurately describe the primary function of the waiver of premium rider. While increasing the death benefit, reducing the premium amount, or guaranteeing renewal without further premiums may be features of different riders or aspects of life insurance policies, they do not pertain to the specific benefit provided by the waiver of premium rider. Thus, the primary effect of such a rider is indeed the allowance for policyholders to stop paying premiums in the event of a disability, ensuring that they retain their life insurance protection.