What is the main benefit of adding an automatic premium loan rider to a whole life policy?

The main benefit of adding an automatic premium loan rider to a whole life policy is that it prevents policy lapses due to non-payment. This rider automatically borrows against the cash value of the policy to cover any unpaid premiums when they are due. If the policyholder fails to make a premium payment, the insurer will use the accumulated cash value to ensure that the policy remains in force. This is particularly important because a lapse in coverage can result in the loss of life insurance protection, which could have significant financial consequences for the insured's beneficiaries.

By incorporating this feature into the whole life policy, policyholders can have peace of mind knowing that their insurance coverage will not inadvertently lapse simply due to missed payments, as long as there is sufficient cash value accrued in the policy. This rider can be especially valuable in situations where the policyholder may face temporary financial difficulties.