What is one key feature of the Cost of Living Rider?

One key feature of the Cost of Living Rider is that it enables the policy benefit amount to keep pace with inflation. This rider is particularly important because inflation can erode the purchasing power of money over time, which means that a fixed benefit amount may not be sufficient to cover the needs of beneficiaries in the future. The Cost of Living Rider adjusts the death benefit based on changes in the Consumer Price Index or another inflation measure, ensuring that as the cost of living rises, the policy benefits keep pace accordingly. This helps provide assurance that the coverage maintains its value throughout the life of the policy.

The other options, while relevant to insurance and policy features, do not accurately describe the primary function of the Cost of Living Rider. Guarantees of income, adjustments to premium payments, and restrictions on policy changes to certain intervals address different aspects of insurance policy structures and do not pertain directly to the inflation-adjustment purpose of the Cost of Living Rider.