If the life insurance policy is on a child and the parent paying the premium dies, the insurer will waive the premium until the child reaches a predetermined age. The previous statement describes which of the following riders?

The family income rider provides a monthly income benefit to the insured's family in the event of the insured's death, typically for a set period. This rider is not specifically related to waiving premiums for a child's policy, but rather focuses on providing financial support to the family, making it an inappropriate choice for this scenario.

The guaranteed insurability rider allows the policyholder to purchase additional coverage at specified times without providing evidence of insurability. This rider does not pertain to premium payments or the death of a payor, and thus does not apply to the situation described in the question.

The waiver of premium rider typically applies to situations where the policyholder becomes disabled and is unable to pay premiums. While it involves the waiver of premiums, it does not specifically address the situation of a parent dying while the insured is a child, which is better captured by the payor benefit rider.