Guaranteed insurability


Also found in: Acronyms.

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 the guaranteed insurability option, they have the comfort of knowing that when those needs do arise, their coverage will be there and can grow with them.
Increased coverage opportunities -- The Guaranteed Insurability Option(2) enables a policyowner to increase the face amount of his or her policy on certain policy anniversaries, without additional medical exams.
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.
The two riders, a family accidental death benefit and a guaranteed insurability option, expand the benefits provided under the company's top-of-the-line Term 400-series.
Among the optional benefits available through Transamerica Tribute are waiver of premium, living benefits, guaranteed insurability, an exchange option, and children's insurance.
The elements were basic insurance reform -- including guaranteed insurability and portability; an employer mandate to pay 80 percent of health care costs; mandatory participation in an alliance for employers with fewer than 5,000 workers; and a national standard for coverage equal to a typical Fortune 500 package.
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