Which of the following policies allows changes in life insurance coverage based on life events such as marriage or childbearing?

The policy that allows changes in life insurance coverage based on significant life events, such as marriage or childbearing, is the guaranteed insurability option. This feature allows policyholders to increase their life insurance coverage without having to provide additional evidence of insurability when certain life events occur. For instance, when someone marries or has a child, they may wish to increase their life insurance to ensure adequate financial protection for their new responsibilities.

This flexibility is particularly valuable because it provides peace of mind that one’s insurance can adapt to changing life circumstances, thereby allowing individuals to secure additional coverage at specified intervals or upon qualifying events without worrying about health underwriting. This means that even if the individual develops health issues in the future, they can still increase their coverage under the guaranteed insurability provision.

Other options listed do not provide this specific type of flexibility in coverage related to life events. Waiver of premium refers to a benefit where premiums are waived under certain conditions, such as disability, rather than changes in coverage. Single premium payment pertains to paying the entire premium upfront rather than in installments, which does not provide coverage adjustments. Flexible premium payment typically refers to policies that allow flexibility in payment amounts and timing but does not relate directly to altering coverage based on life events