Guaranteed issue life insurance is a policy that doesn't require a medical exam or health questionnaire. It offers coverage regardless of your health condition. It is sometimes referred to as "guaranteed acceptance" or "guaranteed approval" insurance, emphasizing that you're automatically accepted if you're within the age limits for approval, typically between 45 and 85 years old.

How Does It Work?

This policy operates in a simple way. After an individual applies and pays the first premium, the company will issue a policy.

On the unfortunate event of the insured's death, the company releases a death benefit to the named beneficiaries, which can help offset final expenses and any potential bills the individual may leave behind. Get a Free Quote.

Note: Beneficiaries are the people you choose to receive the death benefit from your life insurance policy.

Is a Physical Exam Required?

Unlike traditional life insurance plans, guaranteed issue policies do not require a physical exam. It eliminates the need for a medical underwriting process that typically requires medical records review, a physical exam, or even lab tests. This feature makes it quick and easy to obtain.

What are the Age Requirements for Approval?

You might ask, "Who qualifies for such a unique insurance opportunity?"

Age is a determining factor, and most insurance companies offering these policies accept applicants between 45 to 85 years old (*50-75 in NY).

However, the age range may vary by companies, so it's important to check the specific age requirement from your preferred insurer. Get a Free Quote.

How Much Life Insurance Coverage Can I Buy?

The available coverage amount for guaranteed life insurance is typically between $5,000 and $25,000. This amount can be of great help to your beneficiaries when they're dealing with final expenses and any outstanding debts you may leave behind. Get a Free Quote.

Can I Buy More Than One Guaranteed Issue Policy?

You are allowed to buy more than one guaranteed issue policy.

However, the total amount of coverage you can have with a single company is often capped.

Also, owning more than one policy could mean higher premiums, as you're essentially paying for multiple policies.

What is Graded Death Benefit?

A graded death benefit is a way insurance companies manage risk associated with issuing a life insurance policy without requiring any medical information.

With a graded death benefit, the full coverage is not available until the insured has been covered for a certain period – often two years.

Do I Have Full Coverage Immediately?

While this type of insurance is a lifeline for many, it does not necessarily provide full coverage immediately.

Only cases of accidental death receive full coverage from the first day. For all other types of death, you'll need to have the policy for at least a full two years before the full death benefit is payable.

What are the Limitations of Coverage?

There are a few other important limitations of guaranteed approved life insurance.

First, the coverage amounts available (up to $25,000) are lower than most other types of life insurance.

Second, the premiums, or the amount you pay for the policy, are generally higher compared to other types of policies.

Lastly, if the insured dies during the first two years that the policy is in effect, the beneficiaries typically only receive the premiums paid to date plus interest.

You have full death benefit coverage after being insured for 2 years, but there is full coverage from day one for accidental death.

What Does It Cost?

The cost of life insurance with guaranteed approval varies significantly based on several factors, including the insurance company, the age of the applicant, gender, tobacco use and the chosen coverage amount.

On average, the premiums for this type of policy tend to be higher than those of traditional life insurance due to the higher risk the insurance company takes on by not requiring a medical exam or questionnaire.

To find out how much your life insurance policy will cost, you can request a free quote.

Why Buy Guaranteed Issue Life Insurance?

But why would someone who's been declined traditional coverage choose a guaranteed issue policy? Because it offers a safety net. When you know that your health is a concern, and you fear leaving a financial burden on your loved ones, this insurance provides a proactive solution.

It also offers the chance to leave a legacy. Whether that's as substantial as helping with a down payment on a grandchild's first home, or as practical as covering your own final expenses, you're providing a boost that can make their lives just a little bit easier in a time of grief.

And for those who value convenience, the straightforwardness can be quite alluring. It provides a fast, simple and hassle-free process, getting insured with no delays. It turns a typically tedious process into a smooth and straightforward one, which is a significant bonus.

Despite the higher costing premiums of guaranteed issue coverage, it becomes the best option for those deemed "uninsurable" due to their health condition. Its unique feature of not requiring a health questionnaire or medical exam offers an incredible opportunity to secure their loved ones' future.

Moreover, guaranteed approval life insurance plans can also build cash value over time. You can borrow against this value, if needed, during your lifetime, adding to the policy's overall value.

Also, worth noting is that the policy premiums are level and will never increase during the life of the policy, and the coverage amount will never decrease either. These locked-in rates offer budget stability, especially beneficial to seniors living on fixed incomes.

Furthermore, the funds from the death benefit are typically free from taxes and can be quickly paid out to beneficiaries. This allows your family to access the necessary funds to manage your final expenses without an additional financial burden.

When it comes to reliability, companies that offer guaranteed acceptance life insurance are usually very strong and financially sound. So, you can rest assured that your policy will be honored when the time comes.

What is a Free Look Period?

You are secured with a 30-day money-back guarantee or a free look period.

If for any reason you're not satisfied with the agreed terms, you can cancel the policy within this period and get a full refund of premiums paid – another reason why this policy is suitable for those denied traditional coverage.

Summary

In conclusion, finding life insurance coverage when you've been previously denied can feel daunting. But, with guaranteed issue life insurance, you have a powerful, practical solution to consider. Although it has higher premiums, the benefits it provides in terms of security and convenience make it a worthwhile investment.

Your next step? It's simple. Request a free quote and see for yourself. Understand the specifics, do the comparison, and if it fits your need, don't hesitate—apply for a guaranteed issue policy today. Give yourself the peace of mind you deserve knowing you have done your part to protect your family's financial future.

Guaranteed Issue Life Insurance Quotes

Top Pick – Mutual of Omaha

Mutual of Omaha offers guaranteed acceptance whole life insurance for people ages 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.