Which type of rider will waive the premium on a child's life insurance policy if the parent paying the premium dies?

The payor benefit rider is designed specifically to address situations where the individual responsible for paying the premiums on a policy, such as a parent, passes away. If the insured child’s parent dies, this rider ensures that the premiums for the child's life insurance policy will be waived, allowing the policy to remain in force without requiring payment. This rider is especially crucial for protecting the financial interests of the child in circumstances where the primary financial caregiver can no longer fulfill that role.

The other options do not provide the same direct benefit in the context of a parent’s death. The waiver of premium generally applies to the policyholder's own life insurance, not specifically to a child’s policy in the event of the policyholder's death. A child rider is an addition to a life insurance policy that allows for coverage on a child but does not address premium payment in the event the parent dies. Similarly, a dependent rider typically relates to coverage for dependents but does not specifically waive premiums due to the parent’s death.