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

The Guaranteed Insurability Option rider provides the policyholder with the ability to acquire additional life insurance coverage at predetermined intervals without having to provide evidence of insurability. This is a significant advantage, particularly for individuals whose health might change over time.

When the option is exercised, typically there are no additional premiums required for the initial policy upon approval, but premiums for the new coverage will be based on the policyholder's age at the time of exercising the option. It can typically be exercised at specific ages or life events, facilitating the financial planning for significant changes (like marriage or having a child).

The statement that evidence of insurability is required when the option is exercised is not true. This feature is specifically designed to allow individuals to increase their coverage without undergoing medical underwriting at that time, which makes it a valuable feature for those concerned about their future insurability.