Guaranteed Insurability Option

This rider enables the policy owner to acquire additional life insurance at predetermined dates without needing to demonstrate insurability (no medical exam).

The policy owner can only make purchases on these specified dates, or within approximately 90 days.
The older the insured person, the fewer the dates available to purchase additional life insurance.
The rider may allow purchases at milestones such as marriage or the birth of a child (stork provision).

Option Amount

The option amount represents the maximum life insurance the policy owner is allowed to buy on the specified option date.

The policy owner has the flexibility to purchase the option amount or less, or none at all, on the option date.
Unexercised option amounts from previous option dates cannot be carried over to subsequent option dates.
Premiums for new coverage are calculated using standard rates based on the insured person's attained age.

Alternate Names

While the underlying concept of this rider is consistent across different companies, the specific name used may vary. Other commonly used names include:

Insurance Protection Rider (IPR)
Future Increase Option (FIO)