Period during which the policyowner can obtain new coverage without evidence of insurability. Option periods coincide with the anniversaries of this coverage where the attained age of the insured person is 25, 30, 35, 40 and 45. Each of these Option periods extends from the 31st day before the coverage anniversary to the 31st day that follows it. Additionally, an Option period may be brought forward if one of the following events occurs: - the insured person marries
- the insured person has a child
- the insured person legally adopts a child
- the insured person purchases a homestead where they and their family live or plan to live
In such cases, the option must be exercised within the 90-day period following the event. If an option is exercised for one of these events, the next regular Option period will be automatically cancelled. The policyowner cannot then exercise another option in relation to another event prior to this cancelled Option period. |