Key Takeaways. A guaranteed insurability rider lets you increase the coverage on your life insurance policy without taking another medical exam. It is also known as a guaranteed purchase option rider. You will usually pay higher premiums for a policy with this type of rider.

What does guaranteed insurability option mean?

What is a guaranteed insurability rider? If you are unable to afford the amount of life insurance that you need today, the guaranteed insurability rider is a life insurance option that'll allow you to purchase additional life insurance at a later date - without a medical exam to prove your insurability.

What does Gio mean insurance?

A Guaranteed Increase Option is available for you to exercise. ... This option is called a Guaranteed Increase Option (GIO). As stated in your contract, it allows an insured person to increase his or her coverage amount without providing evidence of current insurability.