A guaranteed insurability rider
gives the life insurance policyholder the right to purchase specified amounts of
additional insurance at specified times. It is generally available only if the
insured is under 40 years of age, and is less readily available with term
policies. The cost of this rider varies, but often is approximately $1.50 per
$1,000 of additional coverage. The premium for the added coverage is based on
the insured's age at the time the added coverage is acquired.