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Similarly, they should prefer policies that permit larger and more frequent face amount increases without evidence of insurability.
A SPO provides that, upon the death of the primary insured, the surviving beneficiary (the insured beneficiary) has the option at that time to purchase life insurance without evidence of insurability.
The rider also typically can be converted to a cash value plan later, without evidence of insurability.
At the time a life insurance policy is issued it is often possible to purchase an option that provides the policyowner with the right to purchase, without evidence of insurability, additional amounts of permanent insurance at stated intervals or upon stated events.
This provision allows employees to continue their group term life insurance without evidence of insurability at comparable rates if they are no longer employed.
Term riders normally provide that the rider may be changed to a separate policy or converted into a permanent form of coverage within a specified period or before a specified age without evidence of insurability.
One company offers an exchange of a DI policy for an LTC policy between the ages of 60 and 70, without evidence of insurability.
Can the policyholder's second-to-die life insurance policy be split without evidence of insurability in the event of a change in tax law or divorce?
In summary, the IRS stated, "[W]e conclude that the conversion feature of the group policy, which allowed the continuation of life insurance coverage without evidence of insurability, is a benefit or privilege of a continuing nature.
4: Most AL policies offer a cost of living agreement that automatically increases the face amount in response to increases in the CPI without evidence of insurability.
New Guaranteed Exchange Privilege: ability to exchange up to the policy's specified amount to an accumulation type UL product without evidence of insurability or surrender charge