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.
See option to purchase additional insurance.
An addition to an insurance policy that guarantees the insured can purchase more insurance at specified ages without providing proof of insurability.
A life insurance endorsement permitting the insured to purchase more life insurance without evidence of insurability under given conditions.
Guarantees that on specified dates, ages or occurrences (e.g., marriage or newborn child) the insured may purchase additional monthly benefits (if income justifies it) in a disability policy or additional death benefits in a life insurance policy, without proof of insurability. The rate is based on attained age.
A rider that permits the policyholder to purchase additional amounts of insurance at stated intervals without proof of insurability.
An amendment to a life insurance policy that gives the policyowner the right to purchase additional insurance of the same type as provided in the original policy. The additional insurance can equal no more than an amount specified in the policy contract and can be purchased at specified premium rates and at specified times without new evidence of insurability. Also called a policy purchase rider.
