Final answer:
A guaranteed insurability rider allows the insured to purchase additional coverage after major life events such as marriage or the birth of a child. The correct answer is option: c) After a major life event.
Step-by-step explanation:
The guaranteed insurability rider allows the insured to buy additional coverage at specified intervals, such as after a major life event like marriage or the birth of a child, without having to provide evidence of insurability. Specifically, it typically provides opportunities to increase coverage:
- On certain predetermined dates or life events
- When the policy reaches certain anniversaries
- Upon life events such as marriage or the birth of a child
Therefore, the correct answer to when a guaranteed insurability rider allows the insured to buy additional coverage is c) After a major life event.