Guaranteed Issue Life Insurance

What is Guaranteed Issue Life Insurance Looking for life insurance coverage with no exam or health questions required?

Guaranteed Approval Insurance is the leading independent agency in guaranteed issue life insurance coverage.We help people secure coverage who have:

  • Been Declined for Life Insurance with Other Companies
  • Have High Risk Medical Conditions or in Poor Health
  • Don’t Want To Answer Medical Questions for Approval
  • Refuse to Take the Medical Exam for to be Approved

We work with top-rated life insurance companies who will offer you coverage guaranteed! No one is turned down or denied for a policy. You will be accepted regardless of your health and without answering any medical questions.

Here’s more information guaranteed life insurance:

What is Guaranteed Issue Life Insurance?

Guaranteed Issue Life Insurance is simply a life insurance policy that is offered to people who cannot get any other type of life insurance coverage. It’s typically a whole life insurance policy with guaranteed acceptance and requires no health questions or medical exams.

Guaranteed Issue Whole Life is offered to men and woman ages 45 to 85. Because everyone is accepted, these polices are more expensive than other types of coverage. There is typically a waiting period (most guaranteed polices have a 24-month waiting period) before a death benefit is paid out. If you pass away before the waiting period is up, your premiums are refunded to the beneficiary with interest!

When Should You Consider Guaranteed Life Insurance?

It’s a great option for people who have been unable to secure coverage due to health issues but would like to protect loved ones by leaving money to cover burial and funeral costs. With guaranteed issue coverage, you’re able to buy a policy with a face amount typically between $5,000 and $25,ooo without answering any health questions.

You should consider this type of policy if you need:

  • Coverage That Last Your Whole Life: guaranteed issue life insurance policies will provide you coverage for as long as you live and the policy will build cash value.
  • Guaranteed Acceptance Coverage: No one is denied for coverage with guaranteed life insurance. Everyone qualifies no matter what medical conditions or health issues you have.
  • No Medical Exam or Health Questions Required: You are guaranteed approval for coverage without taking a medical exam and no health questions have to be answered to be accepted.
  • Your Policy Cannot be Cancelled (unless you don’t pay premiums): Your guaranteed insurance policy cannot be cancelled or revoked by the life insurance company. You are guaranteed to always have coverage unless you decide to stop paying premiums.

What Are The Disadvantages of Guaranteed Issue Life Insurance?

In this section, we want to explain to you that there are disadvantages to purchasing a guaranteed issue life insurance policy. Here’s a quick breakdown of these disadvantages:

Waiting Period Explained for Guaranteed Issue Life Insurance

The most important thing for you to understand is that there will be a waiting period before a death benefit is paid out. Typically, there is a 2-year waiting period. If you pass away before the waiting period is over, your beneficiary will only receive back the premiums you paid along with interest.

Example: You purchased a $10,000 guaranteed life insurance policy that has a 2-year waiting period on the death benefit. This means that if you pass way during the 2-year waiting period, your beneficiary will be refunded your premiums plus interest on that money (most common interest rate paid is 10%). After the two year waiting period is up, your beneficiary will receive the full $10,000 death benefit amount.

Low Coverage Amounts: $3000 to $25,000 in Death Benefit

Guaranteed Issue Life Insurance is great for folks looking for smaller amounts of coverage like $4000, $7000, $20,000 or even $25,000. But, it’s definitely a disadvantage if you need more coverage. Often times, we are able to help our clients secure a graded benefit or even level benefit whole life insurance that will provide much more coverage.

Here’s more information on other guaranteed whole life insurance options:

Are There Other Life Insurance Options Available?

Yes, the good news is some people can qualify for coverage without a waiting period.

In a nutshell, there are 3 different types of whole life insurance coverage that pays out benefits in the $3,000 to $25,000 death benefit range. These policies are often used for funeral costs, burial expenses, and other final expenses. The 3 options are:

  1. Level Benefit Coverage: This is guaranteed whole life insurance with no waiting period on the death benefit. You will have full coverage on the death benefit from day 1 the policy is placed in-force. Said another way, your beneficiary will have access to your full death benefit immediately if something happens to you.
  2. Graded Benefit Coverage: A graded benefit whole life insurance plan is a type of policy that will pay out a percentage of the specified death benefit during the first few (usually two) years. For example, in year 1 the percentage is 25% graded benefit and 50% in year 2. So if you pass away in year 1, your beneficiary gets paid 25% of your death benefit or 50% if you pass away during year 2. After 2 years, your beneficiary can receive the full death benefit.
  3. Guaranteed Issue Coverage: This is whole life insurance with a waiting period, which is usually two years. This means you’ll have to wait 24 months before your beneficiary is eligible to receive your full death benefit. If you pass away during the 2-year waiting period, your beneficiary only receives the premiums you paid into the policy along with interest on that money (usually 10% interest). After 2 years, your waiting period expires and your beneficiary can receive the full death benefit when you pass away.

Our job is to help you determine what type of coverage you qualify for and is best for your situation. We are experts in life insurance for seniors and will help you review all options available. Often times, we can seniors secure day 1 level-benefit coverage even with severe health issues. Each life insurance company has different guidelines and it’s our job to match you with the company that will view your health the most favorable!

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