10-second summary: A Guaranteed Insurability Option (GIO) allows you to increase your life insurance later without answering new medical questions. It can be used after major life events like getting married, having a child, or getting a new mortgage.
If your financial advisor mentioned a Guaranteed Insurability Option (GIO) and you nodded politely while having absolutely no idea what they meant, you’re not alone.
It’s one of those insurance terms advisors throw around as if everyone knows what it means.
In simple terms, it just means this.
You can increase your life insurance later without answering new medical questions.
That can become extremely valuable if your health changes in the future.
What is a Guaranteed Insurability Option in life insurance?
A Guaranteed Insurability Option is a feature available on many life insurance, mortgage protection and income protection policies.
This feature allows you to increase your life insurance without answering new medical questions, even if your health has changed.
Normally, if you want to increase your cover, the insurer would ask for a full medical history again.
If your health has deteriorated, they might refuse the application or charge significantly higher premiums.
The GIO removes that problem.
When can you use a Guaranteed Insurability Option?
You can normally use the option after certain life events.
Common triggers include:
- Taking out a new mortgage or increasing an existing mortgage
- Getting married
- Birth or adoption of a child
- A promotion or significant increase in salary
The increase must usually be requested within a specific time frame after the event, often within six months. The isnurer will require proof like a copy of your loan offer.
How much can you increase your cover by?
This varies between insurers.
| Insurer feature | Typical limit |
|---|---|
| Maximum increase allowed | Often up to €100,000 |
| Aviva life policies | Typically €40,000 increase |
| Term extension | Usually not allowed (Aviva can allow it) |
Because the rules differ between insurers, it’s important to understand what options are included when you first arrange your policy.
What does GIO mean in life insurance?
You may see this feature referred to simply as GIO.
GIO stands for Guaranteed Insurability Option.
It allows you to increase your life insurance cover in the future without answering new medical questions.
This means you can increase your protection even if your health changes later.
How the Guaranteed Insurability Option can save a mortgage
Sarah rang me looking for advice.
She had recently had a baby and her apartment was no longer big enough.
As most new parents discover fairly quickly, babies have an amazing ability to make a perfectly good home suddenly shrink.
She had mortgage approval for a new property but needed to increase her mortgage protection by €65,000.
The bank told her she would need to apply for a new policy.
The problem was that Sarah had recently been diagnosed with Multiple Sclerosis.
I checked with the insurers, but unfortunately, none of them was willing to offer new cover given how recent the diagnosis was.
Then a thought occurred to me.
Maybe she has a Guaranteed Insurability Option 🧠
I asked her to check her original policy documents.
The bank initially told her she didn’t have the option.
So she sent me the policy certificate.
Right there in black and white were the words:
“You have the option to increase your benefits without medical evidence.”
Armed with that, she went back to the bank and the additional €65,000 of mortgage protection was approved.
Which meant she could buy her new home.
Lessons from that case
- Don’t assume your bank understands every feature on your policy.
- If something doesn’t sound right, get independent advice.
Sometimes, a fresh pair of eyes can find a solution.
Why a Guaranteed Insurability Option might be declined
Despite the name, the option isn’t always available.
If your policy was issued with a premium loading due to health issues, most insurers will remove the GIO.
However, one of our insurers will allow the loading even if they have to add a 50% loading.
Above that level, it will be removed.
Another reason why the order you apply matters.
Anything else you should know?
The exact rules for Guaranteed Insurability Options vary by insurer.
Things to watch for include:
- The maximum increase allowed
- Age limits
- How quickly you must use the option after a life event
- Whether special terms apply to increases
If your policy includes this feature, it can become extremely valuable later in life.
Many people only realise that after their health has changed.
Over to you
If you want help choosing the right type of cover and making sure important features like this are included, complete this financial questionnaire.
Editor’s note: This article was originally written in 2016 and fully reviewed and updated in March 2026 to reflect how Guaranteed Insurability Options currently work on Irish life insurance policies.
Written by Nick McGowan, QFA RPA APA
Nick is a qualified financial advisor and founder of Lion.ie, a multi-agency Irish life insurance and income protection brokerage based in Tullamore.
He’s been helping people secure fair, transparent cover for over 15 years and was named Protection Broker of the Year 2022.
If you’d like straight answers without the sales pitch, learn more about Nick here.