What is the main purpose of the Guaranteed Insurability rider?

The main purpose of the Guaranteed Insurability rider is to allow the policyholder to purchase additional life insurance coverage at predetermined times in the future without needing to provide evidence of insurability. This is particularly beneficial as it provides a safeguard against potential health issues that could arise later, which might otherwise prevent a person from qualifying for new coverage.

In essence, this rider supports the policyholder's future insurance needs, enabling them to increase their coverage as life circumstances change (e.g., marriage, the birth of a child, or other significant life events) without the risk of being denied due to health changes. This flexibility is crucial for individuals who expect their insurance needs to grow over time, as it ensures they can secure coverage regardless of any potential health complications that may arise.

Other options such as providing cash value benefits, allowing conversion to a term life plan, or waiving premiums during a disability serve different objectives and do not align with the guaranteed insurability rider's primary function. Specifically, cash value benefits relate to permanent policies rather than the ability to guarantee future insurability, while conversion options pertain to switching policy types rather than ensuring future coverage availability. Waiving premiums in case of disability is a rider that provides financial relief during tough times,