Top Guaranteed Issue Life Insurance Carriers

Guaranteed issue life insurance carriers provide a vital service, especially for those who are 45 or over, have pre-existing health conditions, or are dealing with chronic illnesses.

The key feature of these policies is that they accept applicants without requiring a medical exam or extensive health questions.

This accessibility can offer peace of mind and financial security when other insurance options are out of reach.

Guide of Top Guaranteed Issue Life Insurance Carriers

Quick Review

Guaranteed issue life insurance carriers offer policies that do not require medical exams or health questionnaires for approval, making them accessible to individuals with pre-existing conditions or health concerns.

These policies typically have higher premiums and lower coverage amounts compared to traditional life insurance, and they may include a waiting period before full benefits are payable. They are designed to provide financial protection for final expenses and are often marketed to older adults or those who have difficulty obtaining standard life insurance.

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Leading Guaranteed Issue Life Insurance Companies

Several reputable companies offer guaranteed issue life insurance policies, each with its own strengths. Key players in this market include Mutual of Omaha, Gerber Life, Colonial Penn, AIG, and John Hancock. Understanding what each carrier offers can help you make an informed decision based on your specific needs and budget.

Mutual of Omaha

Mutual of Omaha is known for its financial strength and stability, consistently receiving high ratings from A.M. Best. Their guaranteed issue policies typically cover individuals aged 45 to 85, with coverage amounts ranging from $2,000 to $25,000. Premiums are fixed for the life of the policy, and there is a two-year graded death benefit period. Get a FREE Quote.

Gerber Life

Gerber Life's guaranteed issue insurance is another popular choice, particularly for those over 50. Their coverage amounts range from $5,000 to $25,000, and like Mutual of Omaha, they offer fixed premiums. One unique feature of Gerber Life is its “free look” period, allowing policyholders to cancel within 30 days for a full refund. Also, there is a two-year graded death benefit period.

Colonial Penn

Colonial Penn provides smaller coverage amounts, typically up to $15,000, which may be sufficient for final expenses. This carrier is often highlighted for its straightforward application process and competitive rates, especially for older adults. However, its two-year graded benefit period means that the full death benefit may not be available if the insured passes away within the first two years.

AIG

AIG offers a flexible range of guaranteed issue policies that accommodate individuals aged 50 to 80. Their cap on coverage is $25,000. One of the standout features of AIG is its affordability, often providing lower premiums than some competitors, making it a favored choice for those on a tight budget. There is a two-year graded death benefit period.

John Hancock

John Hancock, known for innovation in the insurance industry, also offers guaranteed issue policies. While their maximum coverage is lower at $20,000, their policies come with additional benefits, such as the potential for a graded death benefit to convert into a full benefit quicker than the typical two-year period.

Health Issues

For those with health concerns like diabetes, heart disease, or COPD, guaranteed issue policies can be a lifeline. These conditions often disqualify applicants from traditional life insurance, making the guaranteed acceptance feature of these policies incredibly valuable.

No medical exam or health questions make the application process stress-free.

Premiums

The premiums for guaranteed issue life insurance tend to be higher than traditional policies due to the higher risk the insurer assumes by not performing medical evaluations.

However, the trade-off is immediate acceptance and the peace of mind that comes with being insured regardless of health status. Get a FREE Quote.

Compare Plans – Key Factors

When comparing costs, it's essential to consider the coverage amount and the fixed premium structure.

For instance, a $10,000 policy might be more affordable at Mutual of Omaha than at Colonial Penn, but it's crucial to read the fine print about the graded death benefit periods and any potential exclusions.

Customer Reviews

Customer reviews and ratings can provide insight into a carrier's reputation and customer service quality.

Mutual of Omaha and Gerber Life consistently receive high marks for customer satisfaction, whereas Colonial Penn offers straightforward policies praised for simplicity but occasionally noted for higher costs.

Guaranteed Approval

For those who qualify, guaranteed issue life insurance can be invaluable. These policies should be considered if you want life insurance that guarantees acceptance without the barrier of health checks or high premiums for existing conditions.

However, evaluating the specifics—like the graded death benefit periods and overall costs—is crucial.

Applying for Coverage

Applying for a guaranteed issue life insurance policy is straightforward. Typically, you need to provide basic personal information, select your desired coverage amount, and set up your premium payments.

There are no medical exams or health questions to worry about, streamlining the process.

Paperwork Required

Ensure that you have proper identification (like a driver's license or passport) and bank information ready when you apply.

Some carriers may request permission to access your medical records, but this is not for underwriting purposes—it's primarily for verification of your identity and age.

Compare Pricing

Comparing quotes from multiple carriers can help you find the most affordable option that still provides the coverage you need.

Many insurance companies offer online quote tools, and some even provide agents to walk you through your options and answer any questions. Get a FREE Quote.

Final Expenses

While guaranteed issue life insurance might not provide large death benefits, it's typically sufficient to cover final expenses like funeral costs, remaining debts, or small bequests to loved ones. This can ease the financial burden on your family during a difficult time.

Summary

To wrap up, if you're 45 or over and facing health issues, guaranteed issue life insurance is a solid option to consider. Review the different carriers we've discussed, compare their offerings, and use customer reviews and financial ratings to gauge reliability and customer satisfaction.

Ready to take the next step? Request free quotes from several carriers to see which guaranteed issue life insurance policy best fits your needs and budget. With the right policy, you can secure peace of mind and financial protection for your loved ones, regardless of your health status.

Guaranteed Issue 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