All of the following are true regarding the guaranteed insurability rider EXCEPT:

The statement asserting that the guaranteed insurability rider is available to all insureds with no additional premium is incorrect. This rider typically does come with an increased premium, which reflects the additional coverage option it provides. The purpose of the guaranteed insurability rider is to allow policyholders to increase their life insurance coverage at predetermined ages or life events without needing to demonstrate evidence of insurability at that time. This makes it especially valuable for those who may have health issues later in life or who wish to secure increased coverage as their needs change.

Regarding the other aspects, the rider indeed allows for increases in coverage at specified intervals, offering flexibility in terms of adjusting the policy as life circumstances change. It is also feasible to add this rider when the policy is first issued, which is a common practice for life insurance policies that aim to provide such options to policyholders. Evidence of insurability is generally not required for exercising the options under the rider once it has been established, making it a beneficial choice for individuals planning for future financial needs.