A life insurance guaranteed insurability rider provides the insured the right to what?

The life insurance guaranteed insurability rider is designed to provide the insured with the option to periodically purchase additional life insurance coverage without having to provide evidence of insurability, such as undergoing a medical exam or demonstrating good health. This means that as the insured's circumstances change—such as marriage, the birth of a child, or other significant life events—they can increase their coverage amount to ensure their life insurance adequately meets their needs.

This rider is particularly valuable because it allows individuals to secure additional insurance at predetermined intervals—often at specified ages or life events—ensuring that they have the flexibility to adapt their coverage to their evolving financial and personal situations without the potential of being declined based on health issues that may arise later in life.

Other options, such as canceling the policy, adjusting terms, or increasing premium rates, do not accurately reflect the core purpose or benefit of the guaranteed insurability rider. The nature of this rider specifically relates to the ability to increase coverage amounts rather than modifying policy structure or costs directly.