Asked by: Hendrikus Peyrlpersonal finance life insurance
What is the guaranteed purchase option?
Last Updated: 10th April, 2020
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Simply so, what is the guaranteed insurability option?
The guaranteed-insurability option (aka guaranteed purchase option) guarantees that the insured will be able to purchase additional insurance at regular intervals without providing evidence of insurability up to a specified age limit, which is usually in the 40s.
One may also ask, what is an impairment rider? Impairment Rider An attachment to an insurance policy that excludes or limits coverage for a specific health impairment. Also called an impairment waiver; waiver or exclusoin see also Exclusion Rider and Rider.
Likewise, what is a future purchase option?
A future purchase option is a feature of long-term disability insurance that allows policyholders to increase their insurance coverage annually as their income increases, without medical underwriting, in exchange for paying a higher premium.
What does Gio stand for in insurance?
Guaranteed Insurability Option