A guaranteed insurability rider is a rider added to a term life policy to allow for insurance protection when a person begins to age and is not covered by their current insurance policy. Many companies offer this type of rider as a means to protect the policy holder should they pass away. The rider can also be added to term policies to cover for any sudden medical expenses. These riders are commonly found on life insurance plans that have a specified dollar amount of coverage, such as term life policies. The guaranteed insurability rider (GI) is often available on some life insurance policies, and allows the insured to buy additional insurance at a specified time (subject to maximums and minimums), without going through a medical examination or answering health questions. Many riders are also offered that require a person to obtain a medical exam prior to purchasing this insurance. This is usually a good way of avoiding medical problems that could potentially increase the cost of the rider. Some life insurance policies do require that a rider be bought and will require that it be approved before the rider will be added to the policy. This can be a hassle to the insured, and most people prefer to avoid this process altogether. There are many different riders that can be added to a term life plan. Many of these riders have the same basic purpose - to provide for financial protection and to provide for insurance needs when a person passes away. Each rider has different requirements and varying amounts of coverage. For example, the rider may require that you have to have a specified amount of coverage for each year or have to have the rider purchased by a specified date, while others may require that you purchase the rider after the policy is in effect. While some insurance companies will offer riders for free, it is important to check with your current insurer to see if there are any riders that you currently own that need to be replaced or added to the existing policy. You may find that you have a rider that is completely ineffective in terms of insurance coverage or that you have to replace it with a new rider after your current plan expires. Most life insurance plans will allow for the purchase of the rider after you have reached the age of thirty. Many other insurance plans will require that you have completed the age of twenty-five and have lived a certain number of years with the policy holder. However, some insurance companies may not require that you have the rider before you reach these age requirements. You can follow this link to learn more about guaranteed insurability rider. To learn more about guaranteed insurability riders, talk to your insurance agent or broker. They will be able to advise you on what types of riders are available and which one is best for your situation. For more understanding of this article, visit this link: https://en.wikipedia.org/wiki/Insurance.
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