What term describes the rider added to a life insurance policy allowing future purchase of additional insurance without proof of insurability?

The term that accurately describes the rider added to a life insurance policy allowing the future purchase of additional insurance without requiring proof of insurability is known as "guaranteed insurability." This rider offers policyholders the peace of mind that they can increase their insurance coverage at specified times—typically during certain life events or at specific ages—without undergoing additional medical underwriting. This is particularly valuable for individuals who may develop health issues over time that could limit their ability to obtain new coverage.

Other options do not align with this function. "Cost of living" typically refers to adjustments made to benefits based on inflation but does not pertain to purchasing additional coverage. "Waiver of cost of insurance" is a provision that may allow the insured to suspend premium payments due to disability, while "supplemental add on" is not a standard term in the insurance industry and does not specifically refer to the concept of guaranteed future insurability.