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Guaranteed Issue Life Insurance
Guaranteed issue life insurance is a whole life insurance type policy that offers near-certain approval and doesn’t require a medical exam or medical questionnaire to apply.
Or speak to Coach B. personally at 1-800-342-1537
- updated last on March 26, 2023
What is guaranteed issue life insurance?
Last updated May 7, 2022
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.
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Guaranteed issue life insurance with no waiting period
How and when your life insurance policy goes into effect will depend on the policy you buy and the carrier you buy it from.
In life insurance terminology, what is a life insurance waiting period?
A waiting period is a specific amount of time you must wait until your policy or death benefit pays out.
A waiting period in life insurance is normally two years but can be up to four with some companies. Suppose you die before your waiting period is over. In that case, the life insurance policy beneficiaries can claim what you’ve already paid in premiums or a percentage of the benefits.
If you ask yourself, do all life insurance policies have a waiting period, or what life insurance has no waiting period, the answer is no. You can get life insurance with no waiting period, and life insurance with no waiting time may be your best bet.
Guaranteed issue life insurance for seniors
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 has the best guaranteed issue life insurance policy?
GILI- is usually for individuals over the age of 50. This includes seniors and people with health issues like cancer, depression and anxiety. 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 issue life insurance companies
(Rates are for example only and may change based on age and location.)
| American General |
| Americo | |
| AGE | 50 – 80 | 50 – 85 | 25 – 80 | 50 – 80 |
| COVERAGE AMOUNT | $5,000 – $25,000 | $5,000 – $25,000 | $5,000 – $25,000 | $2,000 – $30,000 |
| MEDICAL EXAM REQUIRED? | No | No | No | No |
| ACCELERATED DEATH BENEFITS? | Yes | Yes | Yes | Yes |
| GRADED BENEFIT | 2 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 cost
Guaranteed issue Insurance: Positives
Guaranteed Issue 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: 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.
Guaranteed issue life insurance under 40
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 modified 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.
Pros and Cons of guaranteed issue life insurance under 50
A guaranteed acceptance life insurance with no waiting period issue policy is ideal for you if you don’t qualify for a traditional life insurance policy. With very few exceptions, you are guaranteed acceptance and at least have some financial coverage for your loved ones if you happen to die. However, other types of life insurance offer cheaper coverage and higher benefits than guaranteed issue life insurance if you can qualify.
Pros
- Fast, near-guaranteed approval
- Provides financial support to your beneficiaries
- No medical exam required
Cons
- You can be denied by not meeting product requirements, like age, state of residency, or citizenship status
- The product is more expensive than a traditional life insurance policy
- Payouts are typically lower than traditional policies
- It comes with graded death benefits if you die in the first two years
Compare the market, right here.
Coach B. saves you up to 60% by comparing the top-rated companies on our quote and apply platform.
Guaranteed life insurance no medical questions
Guaranteed issue life insurance policies is a great policy to get 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, about modified life insurance contact a licensed insurance professional at Coach B. Life Insurance at 1-800-342-1537 to get help finding the best guaranteed issue life insurance options available to you.
Guaranteed 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.
Guaranteed 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.
Frequently Asked Questions
What does a guaranteed issue insurance policy not have?
What does a guaranteed issue insurance policy not have?
Guaranteed-issue insurance policies typically do not cover pre-existing conditions and may have lower benefit amounts and higher premiums than traditional insurance policies. They also may have waiting periods before coverage begins.
Is guaranteed life insurance expensive?
Guaranteed-issue life insurance can be more expensive than traditional life insurance policies because it is designed for people who may not qualify for other types of coverage due to health issues. However, it can still be a good option for those needing coverage rather than preparing for different policies. It's crucial to compare rates and coverage options before making a decision.
What is the difference between whole life and guaranteed life insurance?
Whole life insurance is a type of permanent life insurance that provides coverage for the insured's entire life as long as premiums are paid. It also has a cash value component that grows over time. On the other hand, guaranteed life insurance is a type of whole life insurance designed for people who may not qualify for traditional life insurance due to health issues. It typically has a lower death benefit and higher premiums but does not require a medical exam or health questions.
