Final answer:
The Guaranteed insurability option is the one that allows the insured to increase their benefit levels periodically without providing evidence of insurability. This feature is often included in life insurance policies and is beneficial for those who expect future changes in financial responsibility or health.
Step-by-step explanation:
The option that allows an insured individual to periodically increase benefit levels without providing evidence of insurability is known as the Guaranteed insurability option.
This option is typically available in life insurance policies, allowing the policyholder to increase the death benefit at certain points in time without having to undergo a medical examination or provide any other proof of good health. It's especially useful for those who anticipate changes in their financial situation or responsibilities, such as having a child or purchasing a home.
The Accidental death benefit rider provides extra benefits if the insured dies due to an accident, the Future increase option might be a synonym for guaranteed insurability but is not an established industry term, and the Waiver of premium option allows policyholders to maintain their coverage without paying premiums if they become disabled.