With this rider an insured has the right to
buy additional amounts of insurance on specific option dates without evidence of insurability, at standard rates.
Buy additional amounts of insurance, on specific option dates, without a medical exam, at standard rates.
Not exact matches
Guaranteed Insurability: An
insurance policy provision that allows the insured to
buy additional fixed
amounts of life
insurance at fixed time intervals without evidence
of insurability.
Guaranteed Insurability: An
insurance policy provision that allows the insured to
buy additional fixed
amounts of life
insurance at fixed time intervals without evidence
of insurability.
These reasons for a change in the face
amount can include
additional paid up
insurance bought with dividends, a face reduction for the purpose
of saving money on
insurance costs, and having an increasing death benefit based on cash value.
For example, the businessman
buying life
insurance on a business partner can only purchase
insurance that equals an objective valuation
of the business partner's share
of the business, unless he can justify an
additional amount.
Most policies allow these earnings to be taken in cash, used to
buy additional life
insurance, or to help reduce the
amount you might pay out
of pocket to fund the policy.
Most group sponsored plans allow employees to
buy a certain
amount of additional life
insurance coverage, but even that might not meet their needs.
I certainly appear to be out to set a record for the most reasons to
buy life
insurance at a time when people have the least
amount of money, so bear with an
additional thought.