Guaranteed insurability

(redirected from Guaranteed Purchase Options)

Guaranteed insurability

A life and health insurance policy feature that enables the insured to add coverage at future times and at fixed and agreed-upon rates regardless of health conditions.

Guaranteed Insurability

A provision in some life and health insurance contracts stating that the insurance contract will be renewed at the end of its term at a certain, stated premium without regard for the policyholder's health when the contract expires. One generally must pay extra for guaranteed insurability. It should not be confused with a guaranteed insurance contract. See also: Pre-Existing Condition.
References in periodicals archive ?
With greater usage of guaranteed purchase options and LTC hybrids plans, long-term care insurance can still provide substantial benefits for care when needed.
Also called guaranteed purchase options, guaranteed insurance options give a client the right to purchase additional coverage at a later date without further evidence of insurability.
At Guardian, with guaranteed purchase options, policyholders can purchase additional insurance every three years between the ages of 25 and 46, or when they marry or have children, without taking additional medical tests, Eaton explains.
Full browser ?