Malcolm would like to purchase life insurance.He is concerned that he might need additional life insurance in the future and that he might be uninsurable at that time.What provision can Malcolm add to his life insurance policy that will permit him to purchase additional life insurance at specified times in the future without providing evidence of insurability?

Question

Quizplus · Accepted Answer

The provision that Malcolm can add to his life insurance policy that will permit him to purchase additional life insurance at specified times in the future without providing evidence of insurability is called the "guaranteed purchase option". This provision allows the policyholder to purchase additional coverage at specified future dates or life events (like marriage or the birth of a child) without undergoing any medical examination or proving insurability. It's a good option for people who are worried about their insurability in the future due to age or health problems.

Malcolm Would Like to Purchase Life Insurance