What arrangement allows additional insurance to be purchased at various times without evidence of insurability?

The concept of guaranteed insurability refers to a provision in a life insurance policy that allows the policyholder to purchase additional coverage at specific times in the future without needing to provide evidence of insurability, such as a medical exam or health questionnaire. This feature is particularly beneficial for policyholders who may experience changes in their health status that could make obtaining additional coverage more difficult or expensive later on.

This arrangement typically allows policyholders to increase their coverage during certain events, such as marriage, the birth of a child, or at scheduled intervals, ensuring they can adapt their insurance to better meet their future needs without being penalized for potential health changes.

In the context of the other options, convertibility pertains to the ability to switch from a term policy to a permanent policy, which involves different considerations. Endorsement typically refers to a modification or addition to an existing policy, while term option does not inherently relate to guaranteed additional purchases without evidence of insurability. Hence, guaranteed insurability stands out as the provision that specifically addresses the ability to acquire more insurance coverage under lenient conditions concerning health assessments.