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Term life Insurance

What is meant by Guaranteed Insurability Rider?

With the rise in uncertainties, it has become increasingly essential to plan suitable protection in the form of life insurance for you and your family. Such that in your absence, your loved ones are secured and independent to tackle their growing needs at different stages of life. Therefore, riders are the best option to avail, if you want to extend the coverage of your insurance, and at the same time, they are affordable too.

What is meant by Guaranteed Insurability Rider

Riders are the add-on benefits to a term insurance policy which can help you in the long run with a little extra cost over your base premium amount. There are several term life insurance riders available like Critical Illness Rider, Accidental Death Benefit Rider, Waiver of Premium Rider, amongst others which can be clubbed with your existing term plan to make it more attractive and worthy. One such popular and useful rider is Guaranteed Insurability rider.

What is Guaranteed Insurability Rider?

When you decide to buy term life insurance, you are required to take a series of medical tests based on which your coverage amount and thus premium is determined. But what if in future you realise that you need more insurance coverage. Of course, you can buy another one to increase the coverage amount but what if at that time your health is not in good shape probably due to age or some other reason. In such a scenario, you will end up paying higher premium costs because of the increased risk factor.

A Guaranteed Insurability Rider lets you buy additional insurance coverage in the specified period without taking a new medical examination. Even if your health condition declines with age, you can apply for extra coverage without any medical tests. It allows you to increase the death benefit of the insurance policy without giving any proof related to their insurability. The term insurability refers to the absence of high-risk factors for the insurance company to provide coverage to the insured person while making him or her eligible for the life cover.

There is a particular date when you can purchase additional insurance. For instance, you might be allowed to add at the age 30, 35 and 40 or after every three years between 25 to 40. And there is a specific age when the benefit of this term life insurance rider will end, which is usually at the age of 40

Guaranteed insurability rider might also allow you to renew your primary policy at the end of its tenure again without any medical check-ups. However, it might get end at a particular age, and the insurance coverage, premium amount, terms and conditions of riders can vary from one insurer to other.

Importance of Guaranteed Insurability Rider

Life insurance policies have strict clauses wherein several diseases or health problems might not be covered, such as diabetes or any other serious illnesses. Hence in such case, if you have guaranteed insurability rider, then you can easily increase the insurance coverage regardless of the health condition of the policyholder. Also, if there is a risk of the insured person passing away, then this term life insurance rider allows increasing the limit of the death benefit.

This rider is also highly beneficial if there has been an essential change in your life such as marriage, childbirth or rise in income. Or if you are at high risk of a specific disease due to family history or if you think that your health might change in the future.

Although term life insurance riders are helpful for comprehensive life coverage; however, you must not add an excessive number of riders because they can significantly increase your premium amount. Hence, you need to pay close attention while adding multiple riders to your term insurance policy as too many riders can unnecessarily increase your premium cost.

To sum up, Guaranteed insurability rider ensures that you can add extra coverage to your insurance in future when needed. Your health status can be the deciding factor whether to include the rider in your policy or not. If you are looking for more information on the same, then visit and get your queries answered from the insurance experts.

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