Guaranteed Insurability is a right provided to an insured person within their life insurance policy.
Guaranteed Insurability guarantees the insured the option to purchase additional life insurance coverage without having to take a physical examination, or showing any other evidence of insurability.
Additional life insurance coverage may be purchased at a stated time in the future.
Some life insurance policies offer the opportunity to purchase additional guaranteed coverage on certain anniversary dates of the policy, such as, every fifth year of the policy up to a maximum age of 40 or 45.
In addition, the insured person may be able to purchase additional guaranteed coverage upon the birth of a child in the insured’s family.
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