Which rider allows the purchase of additional insurance at specified intervals without medical evidence?

The guaranteed insurability rider is designed to provide policyholders with the option to purchase additional life insurance coverage at predetermined times throughout their life, without having to provide any medical evidence of insurability at that time. This rider typically allows for increases in coverage at specific intervals, such as at certain ages or life events (like marriage or the birth of a child), ensuring that individuals can adjust their coverage as their needs change, despite any potential changes in their health.

This is particularly important because it allows individuals to secure additional insurance even if their health deteriorates, protecting them from being declined for new coverage due to medical issues.

In contrast, the other options cater to different needs: the cost of living rider typically adjusts the benefit amount based on inflation, the term conversion rider allows a term policy to be converted to a permanent one, and the payor benefit rider provides coverage for premium payments if the policyholder dies or becomes disabled. Each of these has different functions, but none offer the specific benefit of obtaining additional insurance without medical evidence that the guaranteed insurability rider does.