Which statement about a Guaranteed Insurability Option rider is NOT TRUE?

The statement that is not true regarding a Guaranteed Insurability Option rider is that evidence of insurability is required when the option is exercised. This rider is specifically designed to allow policyholders to increase their coverage without having to provide evidence of insurability at the time of the increase. This means that regardless of any changes in health status, the insured can secure additional coverage when exercising this option, as long as it is done within the terms outlined in the policy.

The other statements accurately reflect the features of this rider. The guaranteed insurability option typically allows for increases in coverage in specified increments, ensuring that policyholders can adjust their insurance to fit their evolving needs without the complications that often accompany such decisions, like providing medical examinations or attending health assessments. Moreover, the rider can typically be activated at predetermined ages or life events, giving policyholders clear points in time when they can plan for potential increases in their insurance coverage.