Guaranteed Insurability (Health) Rider
An option guaranteeing purchase of additional disability income or LTC benefits at stated dates without evidence of insurability, protecting against declining health.
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Practice This Concept
An insured owns a whole life policy with a rider that provides term insurance coverage on the insured's spouse and each child until the children reach a specified age. This attachment is known as a:
Family term rider — A family term rider adds level term insurance on the insured's spouse and eligible children to the insured's base permanent policy, with the children's coverage typically ending at a stated age. It is an economical way to cover family members under one policy, and the spouse's term coverage may be convertible. This is distinct from a payor rider (which waives premiums on a juvenile policy if the payor dies or becomes disabled), a guaranteed insurability rider (which allows buying additional coverage without evidence of insurability), and a cost of living rider (which adjusts the death benefit for inflation).
National insurance concept
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