Which life insurance policy option allows the policyowner to pay an additional premium and receive additional coverage at specific future dates without proving insurability?

The guaranteed insurability rider is a valuable provision in life insurance policies that allows the policyowner to purchase additional coverage at predetermined times without needing to provide evidence of insurability. This means that the policyowner can increase their life insurance coverage during specific life events or ages without having to undergo a medical examination or demonstrate their current health status. This feature is particularly beneficial if the insured person's health deteriorates over time since it locks in the ability to secure more coverage regardless of any changes in health.

In contrast, other rider options serve different purposes. For instance, a cost of living rider adjusts the death benefit in line with inflation but does not allow for increased coverage at specific dates without health evaluations. The payor benefit rider is designed to waive premiums for a policy if the payor becomes disabled or dies, rather than granting additional coverage. Lastly, the accidental death benefit rider provides extra benefits in the event of death due to an accident, but it also does not provide an option for increasing coverage over time without proof of insurability.