Definitions for "Guaranteed Insurability Rider"
An option, that the insured pays for, offered in some life insurance policies that allows the insured to purchase additional insurance at specified future dates without the need to provide evidence of insurability.
A type of supplementary benefit rider that gives the policy owner the right to purchase additional insurance of the same type as the original policy on specified dates for specified amounts without supplying additional evidence of insurability.
A rider now offered on most life insurance policies whereby additional insurance may be purchased at specified future times without a medical examination or other evidence of insurability. Rates are based on attained age at time of purchase.