Guaranteed Insurability

Guaranteed insurability riders give the life insurance policyholder the right to purchase specified amounts of additional insurance at specified times. It is generally available only if the insured is under 40 years of age, and is less readily available with term policies.

The cost of the rider varies, but often is approximately $1.50 per $1,000 of additional coverage. The premium for the added coverage is based on the insured's age at the time the added coverage is acquired.