Which insurance arrangement allows the insured to increase their insurance coverage without undergoing a medical examination?

The guaranteed insurability rider is a provision in a life insurance policy that allows the insured to purchase additional coverage at specified times without the need for a medical examination. This rider is particularly beneficial for individuals who may experience changes in their health or lifestyle that could affect their insurability in the future. It ensures they can increase their coverage despite potential health issues that may arise later.

The rider typically specifies when the policyholder can exercise this option, such as at certain policy anniversaries or during major life events like marriage or the birth of a child. This provides a valuable benefit, especially for those who anticipate needing more coverage as their financial responsibilities grow.

The other options do not offer the same flexibility regarding obtaining increased coverage without a medical exam. A renewable term contract allows for the renewal of a policy but usually requires evidence of insurability upon renewal. An accidental death rider provides additional benefits in the case of death resulting from an accident but does not pertain to increasing base coverage. A term policy, while it delivers coverage for a specified term, does not inherently include provisions for increasing coverage without medical scrutiny.