The guarantee of insurability option provides a long-term care policy owner the ability to:

The guarantee of insurability option in a long-term care policy allows the policy owner to purchase additional coverage at a future date without needing to provide evidence of insurability. This means that if the individual’s health declines after the original policy is issued, they can still obtain extra coverage regardless of any changes in their medical status. This feature is particularly valuable as it offers peace of mind that they can secure additional benefits as their needs grow, without the risk of being denied coverage due to health issues.

The other options do not accurately describe the guarantee of insurability feature. For instance, the cancellation of a policy, while sometimes permissible, is not inherent to the guarantee of insurability. The ability to increase benefits without added premium is misleading, as additional coverage typically requires an increase in premium. Lastly, switching providers without penalty does not pertain to the guarantee of insurability option; it focuses on the ability to expand one’s coverage under the same insurer.