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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.

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guaranteed issue life insurance

What is guaranteed issue life insurance?

Last updated May 7, 2022

guaranteed life insuranceAs 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

guaranteed issue life insurance with no waiting periodHow 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 acceptance life insurance

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?

guaranteed issue life insurance with no waiting periodGILI- 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 companiesguaranteed issue life insurance carriers

 

(Rates are for example only and may change based on age and location.)

 American General
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 Insurance: Positives

Guaranteed Issue Insurance: Positives

guaranteed issue insurance

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.

cheapest guaranteed issue life insuranceUS 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

guaranteed issue life insurance under 50A guaranteed 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 
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Guaranteed life insurance no medical questions

guaranteed life insurance no medical

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, 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.

guaranteed issue life insurance plans

FAQ’s

What is the major problem with guaranteed issue?

Except for the waiting period, guaranteed issue policies might sound too good to be true. Unhealthy people take out policies, pay their premiums, and die in a few months or a few years. The insurance company has to either return their money or pay a death benefit

 

Can you have more than one guaranteed life insurance policy?

Can You Have Multiple Life Insurance Policies?  There’s no rule issued by life insurance companies that disallows you from owning multiple life insurance policies. And there are some scenarios where it may make sense to do so
 

Is guaranteed life insurance expensive?

Guaranteed life is the most expensive insurance. This is partially because people can buy a policy without taking a medical exam or answering questions about their health, which might make them ineligible for other kinds of life insurance.
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