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Guaranteed insurability

   Also found in: Acronyms 0.02 sec.
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.


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With initial premium levels a major concern to a successful group long-term-care insurance enrollment, many group long-term-care insurance plans de-emphasize compound COLA and instead offer a pay-as-you-go guaranteed insurability buy-up option.
This rider, the guaranteed insurability option or GIO, which is available in most states, enables the policyowner to increase coverage up to two times the original face amount to a maximum of $500,000.
It also provides supplemental products, such as guaranteed insurability, waiver of premium, accidental death benefit, and dependent children insurance, all of which can be attached to its life insurance products.
 
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