Guaranteed Issue Life Insurance

Guaranteed Issue Life Insurance

Last updated November 30, 2018

Basically no matter ones medical circumstances or background, this specific life insurance coverage will be fully guaranteed furthermore not needing any medical exams.

Smaller contract payouts could result in you paying more cash into the policy contract in premiums than you would recieve as a death benefit.

Individuals over the age of 50 that have to have a fully guaranteed acceptance life insurance plan to assist in paying for supposed “final expenses.” The very first key inside a guaranteed life insurance contract is it’s fully guaranteed. Everyone who applies will get coverage. Although, there are some details you should be conscious of before buying it.

Guaranteed Issue Life Insurance
As its name suggests, a good guaranteed issue life insurance plan, (A.K.A.) a guaranteed acceptance policy, is fully guaranteed. A plan which will provide coverage regarding anyone who applies for it, with few questions asked. However, truth be told there are actually details a person must understand regarding this form of life insurance for seniors. Below are usually the basics: exactly what it is, just who it’s for, and whether it’s ideal for you.

Guaranteed Acceptance Life Insurance?

Upon the insured’s death a Guaranteed issue life insurance is a policy that will provide cash .  The insurance carrier offers this type of policy to any applicant. Health history won’t matter.

Who Is Best Served  By A Guaranteed Issue Life Insurance Policy?

GILI- is usually for individuals over the age of 50. This includes seniors and people with health issues. Many people who currently don’t have life insurance through their company will buy this insurance. Alternatively, this will be purchased by or for those whose health prevents them from obtaining traditional insurance.

Compare Our Guaranteed Acceptance Life Insurance Companies

(Rates are for example only and may change based on age and location.)
 
AGE50 – 8050 – 8525 – 8050 – 80
COVERAGE AMOUNT$5,000 – $25,000$5,000 – $25,000$5,000 – $25,000$2,000 – $30,000
MEDICAL EXAM REQUIRED?NoNoNoNo
ACCELERATED DEATH BENEFITS?YesYesYesYes
GRADED BENEFIT2 years (refunded premiums plus 10%)2 years (refunded premiums plus 10%)3 years (refunded premiums plus 6%)3 years
PRICE$56.55 per month$63.17 per month$79.87 per month$131.82 per month
 
 

Guaranteed Issue Life Insurance: Positives

Guaranteed Issue Life Insurance

Guaranteed Issue Life Insurance: Positives

Typically the greatest thing in the favor regarding this kind of policy is that medical history doesn’t play a factor. Guaranteed life contracts:

  • Happen to be much easier to buy than many various other kinds of policies
  • Medical examinations and questions not required
  • Are approved and go into effect quickly

Guaranteed Issue Life Insurance: Negatives

With that being said, you must expect a number of with regards to the positives of becoming offset by some negatives. Therefore, an insurance carrier like United Home Life wouldn’t know too much about you, the following may be true:

  • The particular total amount of insurance coverage a person could purchase is much less than other kinds of insurance
  • Typically this kind of life insurance plan will be more costly

In other words, you’re going to get less bang for your buck. Furthermore, the higher premium cost and having a lesser amount of coverage, it’s possible that more money goes out the door than comes in at the end.

Deciding If A Guaranteed Issue Life Insurance Plan is Right for You

Whenever you decide on the insurance coverage amount, for just as long as one’s policy happens to be in force your affordable premiums are guaranteed. Consequently this is independent of the rising prices regarding everyday living, so rates remain unchanging over the course of years, if not decades.

US citizens as well as legal residents anywhere between 50 and 80 receives a graded death benefit for the first 2 years of coverage. Likewise, if one would die within the first 2 years of the insurance policy agreement for any other reason than an accident, all the premiums plus interest of 10 percent will be paid out to the named beneficiary. Your complete death benefit can be paid out if the cause of death is due to accidental reasons. In the event that after the 2-year graded death benefit period, they should die for any reason, the full benefits will be paid out to the beneficiary.

Would it a Smart strategy to purchase Guaranteed Issue Life Insurance?

Guaranteed Issue Life InsuranceGuaranteed issue life insurance is a great policy if you can’t qualify for other kinds of plans or in case you wish to have protection quickly.

The application happens to be a simple process. Absolutely, no need for a healthcare exam. You will definitely not need to complete any questionnaires. Acceptance, as said within the name, is fully guaranteed. In addition, if your spouse, would happen between the ages of 50 and 80, they too can get up to $20,000 in guaranteed benefit protection as well.

If you still have questions or concerns, contact a licensed insurance professional at Coach B. Life Insurance at 1-800-342-1537 to get help finding the best options available to you.