Which policy features typically provide a living benefit?

Living benefits are features of insurance policies that allow policyholders to access certain benefits while they are still alive, rather than waiting until a claim is paid upon death. Guaranteed insurability and premium waiver for disability are both features that can provide significant living benefits.

The guaranteed insurability option allows the policyholder to purchase additional coverage at specified times without having to provide evidence of insurability, which can be crucial if health conditions change. This ensures that the individual can adapt their coverage according to their evolving needs, potentially providing financial support when it is most needed.

The premium waiver for disability feature allows the policyholder to avoid paying premiums if they become disabled and are unable to work. This ensures that the policy remains in force without placing an additional financial burden on the individual during a difficult time.

Both of these features directly relate to the living benefits aspect, as they provide financial protection and flexibility while the insured is still alive, reflecting the correct answer’s focus on policy features that indeed allow access to benefits during the policyholder's lifetime.