What is the definition of Guaranteed Survivor Plus Purchase Option (GSPO+)?
This rider grants the insured’s beneficiary upon the death of the insured, or the owner on the 10th anniversary of the rider and on the rider anniversary nearest the Designated Life’s 65th birthday, the option to purchase a specified amount of additional coverage on the designated life (or lives) without furnishing evidence of insurability. The policy owner names the designated life in the application for the base policy to which this rider is attached. The designated life, once named, cannot be changed. The owner or beneficiary (depending on the option period) executes the option for the new policy and becomes the owner of the new policy. The owner or beneficiary may transfer to any person or entity its right to buy the option policy on the designated life. There is a maximum of five GSPO-Plus riders that can be attached to a single policy, with the designated lives potentially being five different people. This rider can be added after issue. The Option Amount cannot be increased once
