Guaranteed Issue Life Insurance: How Much Coverage Can You Get?

Navigating life insurance options can feel daunting, especially if traditional policies seem out of reach due to health concerns or age.

But don’t worry — guaranteed approval life insurance could be the solution. This type of policy offers a straightforward path to coverage, especially for those who’ve faced challenges with conventional policies.

So, let’s dive into understanding how much coverage you can secure with a guaranteed approval life insurance policy and whether it aligns with your needs.

Guide to Guaranteed Approval Life Insurance 

Quick Review

Guaranteed approval life insurance, also known as guaranteed issue life insurance, is a type of policy that does not require a medical exam or health questions for approval, making it accessible to individuals who might otherwise be denied coverage due to health issues.

However, the coverage amounts for these policies are typically limited, often ranging from $5,000 to $25,000, which is generally intended to cover end-of-life expenses such as funeral costs. While it offers the advantage of guaranteed acceptance, the premiums are usually higher compared to other types of life insurance, and there may be a waiting period before the full death benefit is payable.

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Pro Tip:

You may purchase a guaranteed issue life insurance policy from more than one insurance company. So, if you need more than $25,000 of coverage, you can get it.

Owning Multiple Life Insurance Policies

With guaranteed approval life insurance, the coverage limits are typically capped at $25,000 per policy, which might raise questions about sufficiency.

Fortunately, you can purchase policies from more than one insurance company, increasing your available coverage.

This allows you to stack policies if $25,000 is not enough.

For instance, you could get $25,000 from Mutual of Omaha, another $25,000 from Gerber Life, and so on, helping you secure a larger financial safety net.

Top Guaranteed Issue Life Insurance Companies

When evaluating your options, consider these top companies offering guaranteed approval life insurance: Mutual of Omaha, Gerber Life, and MetLife. Here's a quick comparison of their features:

Mutual of Omaha

Renowned for strong customer service and comprehensive policies. Known for affordability and competitive premiums.

• Up to $25,000 of coverage
• Available in every state and DC
• No physical exam and no health questions asked
• Guaranteed Acceptance ages 45-85 (50-75 in NY)
• 30 day money-back guarantee
• Two year limited benefit period

Gerber Life Insurance Company

Provides guaranteed life policies up to age 80. A solid choice for those seeking strong brand reputation and reliable policies.

• Exclusively for ages 50 - 80
• Available in all states and DC (excluding Montana)
• You cannot be turned down because of your health
• There are no health questions asked and no physical exams
• Two year limited benefit period

Metlife

Highly rated for its financial strength and diverse offerings. Provides options tailored specifically for seniors with flexible benefits.

• Rates as low as $10 per month
• Guaranteed Issue for ages 45-75
• Up to $20,000 of coverage available
• No medical examination required
• Two year limited benefit period

Benefits of Guaranteed Life Insurance Policies

Guaranteed issue life insurance comes with a range of benefits:

• No Medical Exams Required: Easy qualification process without invasive tests.
• No Health Questions Asked: No need to answer any questions about your health history.
• Guaranteed Acceptance: Eligibility doesn’t depend on health conditions.
• Quick Approval Process: Provides swift peace of mind.
• Lifetime Coverage: Generally offers permanent protection as long as premiums are paid.
• Builds Cash Value: Some policies allow cash value accumulation over time.

Reasons to Buy Guaranteed Life Insurance

Here are sound reasons to consider buying guaranteed issue life insurance:

• Existing Health Conditions: If traditional policies are out of reach due to health.
• Older Age: A viable option for seniors who face age-related underwriting limits with traditional policies.
• Simplified Process: For those seeking minimal fuss, guaranteed policies eliminate complexity.
• Immediate Financial Needs: Helps secure funds quickly for funeral or short-term expenses.

Factors to Consider

As you evaluate guaranteed issue life insurance, pay attention to these factors:

• Graded Benefits: Initial period (usually 2 years) where death benefits may be limited to premiums paid plus interest.
• Free Look Period: A trial period (usually 10-30 days) to review your policy and decide if it's right for you.
• Guaranteed Acceptance: Ensures coverage regardless of health status, (example: ages 45-85).
• Lifetime Protection: Continues as long as premiums are maintained, providing stable lifelong coverage.
• Cost: Typically higher premiums compared to traditional insurance due to the higher risk for the insurer. Get a FREE Quote.
• Owning Multiple Policies: Allows you to increase your coverage by purchasing multiple policies - you may buy a policy from more than one insurance company.

Average Cost of Final Expenses

Understanding the costs involved in end-of-life expenses is crucial for planning.

The average cost of a funeral and burial in the USA ranges from $8,700 to $10,000, including expenses such as a casket, funeral service, and burial plot.

This emphasizes why securing enough coverage is important to spare your loved ones the financial burden during a difficult time.

Increasing Amount of Coverage

The decision to purchase a policy is vital, and these insights into guaranteed approval life insurance coverage limits can guide you toward a solution that meets your expectations.

Considering that each policy caps at $25,000, determine if stacking (buying) multiple policies will better align with your financial goals.

Consider Your Budget

Budgeting forms a large part of planning your coverage. With guaranteed issue life insurance, premiums are generally higher due to the lack of health evaluations.

Understanding these costs ensures that while you achieve necessary coverage, your financial management remains intact. Comparing premiums across companies can also help find the best rates for the desired coverage.

Cost of Guaranteed Life Insurance Coverage

Sample Rates

For instance, sample rates for a $7,500 guaranteed issue life insurance policy might look like this: for a 50-year-old male, premiums can range from $30 to $40 per month, while for a female, it might be $25 to $35.

For those aged 55, expect slight increases, with men seeing rates between $35 and $45, and women between $30 and $40.

These variations highlight the importance of obtaining multiple quotes.

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Health Issues

Health concerns often dictate the move toward guaranteed issue policies. Whether due to a serious medical diagnosis like heart disease or the accumulation of multiple mild conditions, these policies provide a sense of control by ensuring insurance coverage remains an option.

Older Adults

For older individuals, facing insurer scrutiny due to age-related risks can feel restrictive. Guaranteed issue policies bypass traditional age limitations, providing a path forward without stringent age caps or declining health as barriers.

Simple and Easy to Get Insured

There’s a professional touch to guaranteed issue policies that offers simplicity and convenience. For those who find medical exams uncomfortable or impossible, removing them from the qualification process presents a stress-free path to coverage.

Consider Your Needs

While limitations exist, such as the general cap on coverage amounts and potentially higher premiums, these aspects should be viewed through the lens of your specific needs.

Are you focused on ensuring end-of-life costs are covered, or does your concern extend to leaving a financial legacy?

Financial Security

Knowing you can own multiple policies allows for customizing your financial security strategy. This flexibility means no compromising on how much protection you can secure for your loved ones, spouses, or even against existing financial obligations.

Peace of Mind

The peace of mind that comes with confirmed acceptance and predictable, straightforward premium structures lets you allocate time to what matters most—spending valuable moments with family without insurance concerns overshadowing your days.

Get FREE Quotes

As you take the next step, consider requesting a free quote. It’s the first step in aligning your financial security needs with the coverage offered by guaranteed approval life insurance. Reach out to an insurance professional today, ensure you're getting the most out of your policy search, and find peace of mind through informed decision-making.

Guaranteed Approval Life Insurance Quotes

Top Pick – Mutual of Omaha

Mutual of Omaha offers guaranteed acceptance whole life insurance for people age 45 to 85. Choose $2,000 up to $25,000 of coverage. Rates start as low as $8.84 per month. There’s no medical exam and no health questions. You cannot be turned down. You can get a quote and apply online now. START HERE to get a FREE Quote.

• Your life insurance policy comes with a 30 day Risk-Free, Money-Back Guarantee