The Guaranteed Insurability Option is a useful rider that is offered with most term insurance policies. Having guaranteed insurability option (GIO) means that additional life cover can be bought without having to take out a new policy and without the need to prove 'insurability' such as undergoing a medical examination.
Typical scenarios where the guaranteed insurability option can be used:
- Changing jobs
- Moving house
- Having a child
Additional cover, covering areas such as critical illness, can be bought through the guaranteed insurability option at various times, sometimes at stated intervals during the mortgage term, such as every five years or upon the birth of a child.
See also: Home Insurance
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