additional life insurance that may be purchased without physical examination (1) at stated times; (2) upon the birth of each child; and (3) upon specified policy anniversaries such as every fifth year. Usually there is a maximum age at which guaranteed insurability ends.
feature offered as an option in life and health insurance policies that enables the insured to add coverage at specified future times and at standard rates without evidence of insurability.
right of an insured to make additional purchases of life insurance without having to take a physical examination or show other evidence of insurability. Additions can be bought (1) at stated times; (2) upon specified policy anniversaries such as every fifth year of a policy up to a maximum age (usually 40 or 45); or (3) upon the birth of a child. Many young families should consider adding this option, since a likely time to add to a life insurance portfolio is when family obligations increase.
