What kind of rider guarantees the right to increase benefits without a medical exam on a disability income policy?

The guaranteed insurability rider on a disability income policy allows the policyholder to increase their benefits at specified times without needing to undergo a medical examination. This feature is particularly valuable because it ensures that individuals can secure additional coverage as their needs grow or circumstances change, such as an increase in income or additional financial responsibilities, without the risk of being denied due to health issues that may arise over time.

This rider is significant for those individuals who anticipate changes in their financial situation and want to safeguard against unexpected decreases in their insurability. It provides peace of mind, knowing that as they progress in their careers or face potential new responsibilities, they won't have to meet any new medical underwriting requirements to increase their benefits, as long as they adhere to the stipulations laid out in the rider.

The other options relate to different features of policies that serve distinct purposes. For instance, an accelerated death benefit rider allows for early access to death benefits in certain conditions, a waiver of premium rider eliminates the need to pay premiums while a person is disabled, and a cost of living adjustment rider increases the benefit amount to keep pace with inflation. While they are beneficial, none provide the specific ability to increase benefits without a medical exam, which is the defining feature of the guaranteed ins