What is a guaranteed insurability rider?

A guaranteed insurability rider is a provision included in some life insurance policies that allows the policyholder to purchase additional coverage at specified intervals without the need for medical underwriting or evidence of insurability. This feature is particularly beneficial for individuals whose health status may change over time, as it provides the opportunity to increase coverage without the risk of being denied due to potential health issues that may arise later.

By incorporating this rider, the policyholder can ensure that they have the ability to increase their insurance coverage as their needs evolve, for instance, due to life events such as marriage, the birth of a child, or increased financial obligations. This option enhances flexibility and can provide peace of mind, knowing they are able to secure additional protection regardless of their health at the time of the increase.