Guaranteed Insurability Rider for Life Insurance

A guaranteed insurability rider for life insurance allows you to skip a second medical exam when you want to raise your death benefits. Adding a guaranteed insurability rider can increase your monthly life insurance rates by $3-$5 per month. However, your guaranteed insurability rider life insurance rates will vary. Shop around and compare multiple life insurance companies with guaranteed insurability riders to secure the best deal.

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Natasha McLachlan is a writer who currently lives in Southern California. She is an alumna of California College of the Arts, where she obtained her B.A. in Writing and Literature. Her current work revolves around insurance guides and informational articles. She truly enjoys helping others learn more about everyday, practical matters through her work.

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Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...

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Reviewed by Laura Walker
Former Licensed Agent

UPDATED: Jul 28, 2021

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The Rundown

  • You can use guaranteed insurability rider life insurance to get around a second medical exam
  • Policyholders can use a guaranteed insurability rider for life insurance to increase death benefits
  • Guaranteed insurability riders add more to your monthly life insurance rates

Did you know life insurance companies ask for a second medical exam when you want to increase your life insurance policy limits? What if you could block a second medical exam?

You can when you buy guaranteed insurability rider life insurance. Keep reading to find life insurance companies with guaranteed insurability riders and how much guaranteed insurability rider life insurance rates cost.

Start comparing life insurance with a guaranteed insurability rider now with our free comparison tool above. Enter your ZIP code to get free life insurance quotes today.

How much are life insurance rates with a guaranteed insurability rider?

Guaranteed insurability rider life insurance quotes are cheaper than you think. Unlike accidental benefit rider life insurance, guaranteed insurability riders only add $3 to $5 per month to your life insurance bill.

For example, a term life insurance policy would be $11 per month. If you buy term life insurance with a guaranteed insurability rider, it could cost as low as $14-$16 a month.

Be advised, affordable life insurance rates are determined by various factors, such as age, health, policy type, and death benefits. Shop around and compare life insurance quotes with a guaranteed insurability rider to find the best possible rates.

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What is a guaranteed insurability rider?

A guaranteed insurability rider is a perk added to your life insurance policy that allows you to skip a second medical exam when you want to increase your policy limits.

How do guaranteed insurability riders work? Let’s look at an example to describe how guaranteed insurability riders work:

You’re about to buy a life insurance policy based on your current salary. However, you expect your income to increase over the next few years. The life insurance company says it can give you an option to increase your limit, but you’ll need to take another medical exam to get higher death benefits.

If you add a guaranteed insurability rider for life insurance, you can skip the second medical exam and increase your coverage limits right away.

The ideal life insurance death benefit is ten times your current salary, and you may want to increase your policy limits if you have debts that are about 49% of your life insurance coverage limit.

If you happen to enter a higher income bracket, you should consider raising your policy limit. However, some companies have rules on when you can increase your limit and by how much.

There isn’t an average limit for guaranteed insurability rider by age, but life insurance companies are known to restrict policy increases to once every three years.

Where can I find a guaranteed insurability rider life insurance company?

You can find guaranteed insurability riders with some of the best insurance companies in the country. Here’s a list of the top life insurance companies in the nation offering guaranteed insurability riders:

  • Nationwide
  • New York Life
  • Northwestern Mutual
  • Mutual of Omaha
  • Prudential
  • State Farm Life
  • Transamerica
  • USAA

Your choice of provider is not limited to this list. Several more companies across the United States may have more competitive rates and better service. Compare multiple companies before you buy life insurance to determine which one is best for you.

Can you get a guaranteed insurability rider for disability?

The short answer is yes. Most life, long-term care, and disability insurance policies have an option to add a guaranteed insurability rider. The good news is that most disability and life insurance benefits aren’t taxed by the federal government.

Who should buy guaranteed insurability rider life insurance?

Anyone renewing their term life insurance policy should think about increasing their death benefits. If you’re facing declining health risks, have a disability, or expect your income to increase as you age, buying life insurance with a guaranteed insurability rider may be in your best interest.

A guaranteed insurability rider will eliminate the time-consuming step of having to go through another medical exam at renewal time. It will also make it easier to raise your coverage limits without risking a steep increase in your rates due to declining health or disability.

Want to add a guaranteed insurability rider to life insurance coverage? When you renew your policy, you’ll have the opportunity to add guaranteed insurability, long-term care, or disability riders to your policy. But don’t assume your current provider offers the best rates.

Shop around to find the most affordable guaranteed insurability rider life insurance company for your needs. Start here with our free online quote tool to compare life insurance quotes from multiple companies near you.

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