What is a key benefit of having a guaranteed insurability rider?

Having a guaranteed insurability rider is a valuable feature in a life insurance policy that enables the policyholder to secure additional coverage without having to provide evidence of insurability. This is particularly advantageous in situations where an individual's health may decline over time, making it difficult or more expensive to obtain new insurance coverage. The rider allows the policyholder to increase their coverage amount at specified intervals or life events, such as marriage or the birth of a child, thereby ensuring that their coverage can grow with their needs.

In contrast, lower premium payments typically relate to different policy options or discounts rather than the guaranteed insurability rider. The rider does not directly address issues of policy lapses, which involve maintaining premium payments to keep the coverage active. Additionally, the provision of coverage for accidental death pertains to a different type of policy feature or rider and does not relate to the guaranteed insurability aspect. Thus, the correct choice highlights the unique benefit of increasing insurance coverage without undergoing the sometimes rigorous underwriting process linked to standard insurability evaluations.