The concept of Guaranteed Insurability primarily serves what purpose?

The concept of Guaranteed Insurability is designed to give policyholders the right to purchase additional insurance coverage at specified times or events in the future without having to prove insurability or undergo further medical underwriting. This means that, as long as the insured meets certain conditions, they can increase their coverage levels based on their needs at different life stages, such as marriage, childbirth, or other significant changes in circumstances. This provision is particularly beneficial for individuals who may develop health issues over time. It ensures that they have the option to secure extra coverage without the risk of being declined due to health changes, thereby providing critical financial safety and flexibility as their insurance needs evolve.