What is the main purpose of a Guaranteed Insurability Rider?

The main purpose of a Guaranteed Insurability Rider is to allow policyholders to increase their life insurance coverage without needing to provide further proof of insurability. This means that if an insured's needs for coverage increase due to life events such as marriage, having children, or taking on a new financial obligation, they can purchase additional coverage at specified times during their policy without undergoing a medical exam or submitting new health information.

This rider is particularly valuable because it alleviates concerns that an individual’s health might deteriorate over time, which could affect their ability to obtain life insurance. By enabling increases in coverage without re-evaluating health status, this rider ensures that policyholders have access to necessary financial protection as their circumstances change, making it an appealing option for those planning for the future.

Other options focus on different benefits that do not encapsulate the primary function of the Guaranteed Insurability Rider, such as waiving premium payments or providing accidental death benefits, which do not address the rider's core purpose of facilitating additional coverage.