Any desired increase in face amount beyond the limits set in the guaranteed insurability
option will require evidence of insurability.
b) Guaranteed insurability
that provides options to purchase substantial additional coverage at specific times without evidence of insurability, subject only to showing that the insured's current income supports the increased coverage.
The value-added appeal (doubling of benefits at no additional cost until age 21), coupled with guaranteed insurability
form a persuasive appeal.
For example, a Supplemental Coverage Rider can give clients the flexibility to add a lower cost layer of death benefit protection while a Guaranteed Insurability
Rider gives insureds the ability to increase death benefit coverage in the future.
Even the time-honored guaranteed insurability
option in life insurance is a change-it-up kind of feature.
The items that are of special importance when evaluating AL policies are the adjustment provisions and the commonly offered guaranteed insurability
This can be accomplished with either a guaranteed insurability
option or lengthy (20- to 30-year) policy terms.
Other features include the Waiver of Premium facility (''Own Occupation'' definition is preferred), non-smoker rates and the guaranteed insurability
options for such events as marriage,childbirth,moving house etc.
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
rider: Available at an additional cost, this rider gives insureds the ability to increase death benefit coverage in the future at no additional charge.
In these cases, the base policy often includes, for additional cost, a guaranteed insurability
option that permits all, or selected, remaining key employees to be insured under a new JL policy after the first death without evidence of insurability.