What is the premium for new policies under the Guaranteed Insurability Rider based on?

The premium for new policies under the Guaranteed Insurability Rider is based on the attained age of the insured. This rider allows policyholders to purchase additional insurance coverage at specified times without requiring evidence of insurability, effectively guaranteeing that they can increase their coverage as their needs change.

As the insured ages, their risk profile may change, and the likelihood of claims can increase, which is why premiums adjust according to the attained age. This ensures that the pricing remains actuarially sound, reflecting the current age-related risk factors associated with insuring the individual.

Thus, selecting the attained age as the basis for determining the premium aligns with the principles of risk management and insurance pricing, ensuring that premiums accurately represent the current risk of insuring the individual as they reach different stages in their life.