A life insurance rider that allows an individual to purchase insurance as they grow older, regardless of insurability, is called a(n)?

The guaranteed insurability rider is a provision that allows the policyholder to purchase additional coverage at certain specified times or events without needing to undergo a medical examination or proving insurability. This can be particularly beneficial as individuals age or if their health declines, which may typically make obtaining new insurance coverage more difficult. This rider ensures that the insured can secure additional life insurance regardless of any changes in their health status, making it a valuable option for those looking to increase their coverage along life’s journey, such as after significant life events like marriage or the birth of a child.

The other riders mentioned do not provide the same benefit. The waiver of premium rider allows policyholders to skip premium payments if they become disabled, but it doesn’t guarantee future insurability. An accelerated death benefit rider permits the insured to receive a portion of the death benefit while still alive under certain conditions, but it does not involve purchasing additional coverage. Meanwhile, a child term rider provides coverage for a policyholder’s children but does not relate to the policyholder’s ability to purchase additional insurance for themselves as they age.