When does a Guaranteed Insurability Rider allow the insured to buy additional coverage?

The Guaranteed Insurability Rider is a valuable provision found in some life insurance policies, allowing the insured to purchase additional coverage at specified future dates without needing to provide evidence of insurability. This feature is significant because it provides the insured with the option to increase their coverage in response to changes in their circumstances, such as increases in income or the birth of a child, without undergoing a new underwriting process.

The coverage increases typically occur on predetermined dates outlined in the contract, which may coincide with certain life events or milestones, such as marriage, the birth of a child, or reaching specific ages, depending on the terms of the policy. This means the insured can secure additional coverage even if their health condition has changed adversely since the initial policy was issued, making this rider particularly advantageous for maintaining or increasing life insurance protection over time in a flexible manner.