Which of the following is a feature of a guaranteed insurability rider?

The feature of a guaranteed insurability rider that allows for purchasing additional coverage later is significant because it provides flexibility to the policyholder. With this rider, individuals can obtain extra insurance at specific intervals or life events, such as marriage, the birth of a child, or reaching a certain age, without undergoing additional medical underwriting or having to prove insurability again. This is particularly beneficial for individuals who might develop health issues over time that could make it difficult or impossible to secure additional coverage through standard means.

The other options mentioned do not capture the essence of what a guaranteed insurability rider offers. For example, re-qualifying for coverage contradicts the very premise of the rider, which is designed to allow for easy acquisition of additional coverage without needing to meet new health requirements. Similarly, limiting the amount of insurance available is also contrary to the intent of expanding the coverage options. Finally, the rider is not restricted to just the initial coverage amounts, as it is specifically designed to allow for increases in coverage amount as life circumstances change. The guaranteed insurability rider enhances an individual's ability to adapt their insurance needs over time, ensuring that their coverage can grow as their needs evolve.