Guaranteed Insurability

Right of an insured to make additional purchases of life insurance without having to take a physical examination or show other evidence of insurability. Additions can be bought (1) at stated times; (2) upon specified policy anniversaries such as every fifth year of a policy up to a maximum age (usually 40 or 45); or (3) upon the birth of a child. Many young families should consider adding this option, since a likely time to add to a life insurance portfolio is when family obligations increase. See also Riders, Life Policies.