What does "guaranteed insurability" mean?

"Guaranteed insurability" refers specifically to the right of a policyholder to purchase additional life insurance coverage in the future without having to provide evidence of insurability (like medical examinations or health status). This feature is particularly valuable because it allows individuals to increase their coverage as their needs grow—such as in the case of major life events like marriage or having children—while securing coverage even if their health declines later on.

This benefit provides peace of mind, ensuring that the policyholder can obtain more coverage without the risk of higher premiums that often accompany health issues. It reflects the insurance principle of adapting to changing circumstances in life without unnecessary barriers.

The other options do not accurately describe "guaranteed insurability." The ability to switch policies, assurance that premiums will not increase, and promise of a death benefit even if the policy lapses represent different aspects of insurance contracts or policy features but do not capture the essence of guaranteed insurability.