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What Is Life Insurance Guaranteed Insurability?

what is guaranteed insurability

A question I’m often asked is

“Can I get more life insurance in the future if I need it?”

My answer is

“Yes, but you’ll have to answer medical questions….unless you can use the guaranteed insurability option”

The response to which as I’m sure you’ll agree is

“What the hell is a guaranteed insurability option???

Don’t worry, it’s less confusing than it seems.

Let’s look at it in plain English:

What is guaranteed insurability?

Guaranteed insurability (also known as the life events options) lets you increase your cover without the need to undergo medical underwriting.

It is available on some life insurance, mortgage protection and income protection policies.

But you can only use the option in the event of one of the below taking place:

  • Starting a mortgage or re-mortgaging
  • Birth or adoption of child
  • Marriage
  • Change in job or promotion for a life assured

Do all insurers offer this life events option?

Some insurers offer it on both their mortgage protection and life insurance policies.

But be careful because other insurers will only offer it on life insurance or mortgage protection policies.

As always, read the fine print!

Do all insurers have identical conditions when it comes to increasing your cover?

No, one of our providers does not even restrict guaranteed insurability to a life event as listed above.

This life company will allow a policyholder to increase their cover by 20% every 3 years, up to 5 times without answering any medical questions.

How much does it cost to add guaranteed insurability?

Unlike a conversion option, you don’t have to pay extra premium to add the life events option.

But the “extra 20% cover every 3 years” option does incur a small extra charge.

Anything else I need to know?

There are variations in each of provider’s terms and conditions as to how and when it may be exercised including:

  • Limitations of cover – some insurers allow you to increase by €100,000 (others by just €40,000)
  • Age restrictions
  • Types of products they will offer Guaranteed Insurability on.
  • Utilising the option within certain time-frames e.g. six months of the event occurring
  • Special terms may apply to increases

Maybe you’ll experience ill-health in the future and because of that you’ll presume you can’t get more cover.

But if you have guaranteed insurability built into your cover, this is not the case.

It’s something to seriously consider when choosing your insurer.

Over to you…

If you’d like to know which insurer I recommend for the guaranteed insurability option, please get in touch using the form below.

Or if you prefer to schedule a call that suits us both, click here to open my diary and arrange a free 15 minute phonecall.

Finally, if you just can’t wait to find out…..call me on 05793 20836!

Case study | How Sarah used the life events option to buy her new home.

Nick McGowan
lion.ie | making life insurance easier

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