Rider Beneficiary Information - what does that mean?

[SParker]

Does anyone know what RIDER BENEFICIARY means on the attached beneficiary information form? Who is the rider beneficiary, can you give me an example?

Also, PAYOR, who is the PAYOR on the beneficiary form? The person who pays for the policy premium?

See attached.

Thanks in advance.

 

[Allen Trent]

Does anyone know what RIDER BENEFICIARY means on the attached beneficiary information form? Who is the rider beneficiary, can you give me an example?

Also, PAYOR, who is the PAYOR on the beneficiary form? The person who pays for the policy premium?

See attached.

Thanks in advance.

Rider beneficiary is who should receive the claim money if the rider to the policy is paid out. So, if a 2nd person is covered on a policy as a life ins rider, who should receive those funds when the insured rider dies.

Payor is likely needed if the payor of premiums is different than the insured. does the application already ask for the Payor of the premiums? Does seem like an odd place to ask for Payor for the policy as everything else is beneficiary related