Final answer:
The rider that allows someone to purchase additional disability income insurance at a later date, regardless of insurability, is called the guaranteed insurability rider.
Step-by-step explanation:
A rider that allows someone to purchase additional disability income insurance at a later date, regardless of insurability, is called the guaranteed insurability rider. This rider is often offered as an optional add-on to a disability income insurance policy. It provides the insured person with the ability to increase their coverage in the future without needing to go through further medical underwriting.
For example, let's say a person initially purchases a disability income insurance policy that covers them for $2,000 per month. With the guaranteed insurability rider, they can choose to increase their coverage to $3,000 per month in the future, even if they have developed a health condition that would typically make them ineligible for additional coverage. This rider provides flexibility and peace of mind, allowing the insured person to adapt their coverage as their needs change.