What does the guarantee of insurability option allow a long-term care policy owner to do?

The guarantee of insurability option specifically allows a long-term care policy owner to buy additional coverage at a later date without having to undergo medical underwriting or provide proof of insurability. This is a significant benefit for policyholders, as it protects them from potential health changes that might make them uninsurable or increase their premiums if they seek additional coverage in the future. This option is particularly valuable for individuals who anticipate their insurance needs may grow over time due to age or health changes, giving them peace of mind and flexibility in their long-term care planning.

The other choices don’t accurately describe what the guarantee of insurability option entails. Options related to policy renewals or premium increases refer to different features of insurance policies, while changing beneficiaries and transferring policies are more about policy management rather than the coverage expansion that the guarantee of insurability provides.