Not exact matches
Especially since you usually are
guaranteed to be renewed as long as you pay the premiums, your
insurability will
not be questioned.
The information in this post is for informational purposes only and is
not a
guarantee of rates and
insurability.
Therefore, they may require «evidence of
insurability» if you want to purchase a large amount of coverage, as it's
not guaranteed issue like basic group life insurance.
Convertibility allows you to convert your term policy to one of the company's permanent life insurance products with
guaranteed insurability (that means
not taking another exam).
With the
Guaranteed Insurability rider in place, you won't have to prove your insurability because you've already been accepted by the company and the rider negat
Insurability rider in place, you won't have to prove your
insurability because you've already been accepted by the company and the rider negat
insurability because you've already been accepted by the company and the rider negates the need.
The renewal of your term insurance policy may or may
not be
guaranteed and the insured should review their life insurance contract to see if evidence of
insurability is required to renew the term policy.
Although there are advantages to this method - your child is
guaranteed insurability for life under the policy as long as the premiums are paid on time and the value of the policy is
not required to be reported to the financial aid office, thereby possibly increasing the amount of money the college gives your child - these advantages don't really pay off in the long run.
The
guaranteed insurability rider is
not an expensive rider to add to a life insurance policy.
When you convert your existing policy, you do
not have to reprove your health or
insurability because you're
guaranteed to get approved at your original health or risk class.
You do
not need to show evidence of
insurability to convert your policy, as long as you do it during the
guarantee period of the policy, which expires at the end of the policy term or when you reach age 75.
You do
not need to show evidence of
insurability to convert your policy, as long as you do it during the
guarantee period of the policy, which expires at the end of the policy term or when you reach age 70 (age 75 for policies with the Preferred Plus rating class).
Term didn't have cash value but had a
guaranteed level premium for a certain period (term) and almost always had a conversion privilege that allowed the insured to convert all or part of the policy to some permanent plan in the future without evidence of
insurability.
This policy is priced so well that, even if it didn't offer any death benefit at all during childhood, the premium would be worth
guaranteeing your child's adult
insurability.
The greater value, the gift in a child's insurance policy, is the fact that it generally is
guaranteed issue life insurance so getting it is
not a traumatic event and the policy will generally
guarantee the child's
insurability as an adult.