Payor

Payor refers to the individual, entity, or trust responsible for making premium payments to keep the policy active.

The payor can be the policy owner, the insured, or a third party, and is obligated to ensure that the premiums are paid on time to avoid lapsing or termination of the policy.

Payors play a crucial role in maintaining the policy's cash value accumulation and ensuring that the death benefit remains in place for the beneficiaries.