Guaranteed Issue Life Insurance in Missouri: No Exams, No Health Questions, Ages 18-85

Finding the right life insurance can be a daunting task, especially when faced with health hurdles or age-related concerns.

If you’re over 50 or have been turned down for traditional coverage due to pre-existing conditions, Guaranteed Issue Life Insurance in Missouri might be the lifeline you’re seeking.

This type of policy offers a no-exam route to life insurance, helping you ensure that end-of-life expenses don’t burden your loved ones financially. With this path, simplicity reigns supreme—no health questions, no medical exams, and acceptance is guaranteed.

Guide to Missouri Guaranteed Approval Life Insurance

Quick Review

Guaranteed Issue Life Insurance in Missouri is a type of life insurance policy that is available to residents without the need for a medical exam or health questionnaire. This makes it an accessible option for individuals who may have pre-existing health conditions or who have been denied coverage in the past.

Typically, these policies offer lower coverage amounts and come with higher premiums compared to traditional life insurance. They often include a graded death benefit, meaning that if the policyholder passes away within the first couple years of coverage, the beneficiaries may receive only a return of premiums paid plus interest, rather than the full death benefit.

Benefits of Guaranteed Issue Life Insurance

So, what makes guaranteed issue life insurance different from other life insurance policies?

At its core, it’s about accessibility and assurance.

Here’s a breakdown of its benefits:

• Guaranteed acceptance: No one is turned away based on health.
• No medical exams or health questions: Perfect for those with pre-existing conditions.
• Quick approval: Get covered without lengthy waiting times.
• Peace of mind: Know that your end-of-life expenses are covered, relieving loved ones of financial stress.

Limitations of Guaranteed Issue Life Insurance

However, like any financial product, guaranteed acceptance life insurance does come with its limitations:

• Higher premiums: Typically costlier than traditional policies because the insurer takes on more risk. 
• Lower coverage limits: Policies often max out at $25,000, focusing on final expenses rather than income replacement.
• Graded death benefits: Full benefits might only be payable after a waiting period, usually two years. Some plans offer immediate coverage.
• Age restrictions: Policies are generally limited to those between 45 and 85 years old (or 18-85).

Eligibility Requirements for Guaranteed Approval

To be eligible for a guaranteed issue policy, the parameters are quite straightforward:

• Age: Typically, you must be between 50 and 85 years old, (or 18-85) depending on the provider. 
• State residency: You must reside in Missouri for applicable coverage options.
• No medical underwriting: These policies don’t require health questionnaires or examinations.

Top Guaranteed Acceptance Life Insurance Companies in Missouri

When scouting for guaranteed life insurance in Missouri, comparing options is crucial to ensure you’re landing the best value.

Let’s look at Allstate Benefits Insurance Company versus Mutual of Omaha:

• Allstate Benefits Insurance Company caters to adults aged 18-70, offering up to $75,000 of life insurance coverage with no waiting period and options to cover your spouse and children. Get a FREE Quote.
• Mutual of Omaha provides coverage for individuals aged 45-85, up to $25,000, with a 30-day free look period. Get a FREE Quote.

Features of Allstate Benefits vs. Mutual of Omaha

Let's break down the features of Allstate Benefits vs. Mutual of Omaha for guaranteed acceptance coverage.

Allstate Benefits Insurance Company

• Guaranteed Acceptance: Ages 18-70
• Coverage Amount: $10,000 up $75,000
• Available in every state and DC (except NY)
• No Medical Exam Required
• No Health Questions Asked
• No Waiting Period
• No 2 Year Graded Death Benefit
• Policy builds cash value, loan available
• Lifetime protection
• Premiums never increases, coverage never decreases

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NOTE: To qualify, applicants must be working at least 20 hours per week and not collecting any form of disability income or SSDI.

The policy goes In Force on the first day of the month after it's purchased.For example, if the policy was purchased during the month of January, it would be active February 1st.

Mutual of Omaha

• Guaranteed Acceptance: Ages 45-85 (50-75 in NY)
• Coverage Amount: $2,000 up to $25,000
• Two year waiting period limited death benefit
• No physical exam
• No health questions asked
• 30 day money-back guarantee
• Policy builds cash value, loan available
• Lifetime protection
• Premiums never increases, coverage never decreases

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Cost of Guaranteed Acceptance Life Insurance

Cost is always a vital factor in determining the right life insurance policy. Sample premiums can give an idea of associated costs.

However, remember rates can vary based on individual circumstances and should be confirmed directly with the providers.

Sample Premiums

Here's a comparison of monthly premiums for $10,000 coverage for non-smokers age 50 with Allstate Benefits and Mutual of Omaha:

Allstate Benefits:

• Male: Approximately $28.18/month for $10,000 coverage.
• Female: Around $28.18/month for $10,000 coverage.
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Mutual of Omaha:

• Male: Close to $40.20/month for $10,000 coverage.
• Female: About $30.40/month for $10,000 coverage.
• Get a FREE Quote

These rates are based on various factors including age, gender, and smoking status. It's a good idea to check for personalized quotes to get the exact figures.

Average Funeral Cost in Missouri

As you assess the costs, it's valuable to consider the average funeral and burial expenses in Missouri, which sit around $8,295. These figures help underline the adequacy of coverage amounts typically offered by guaranteed acceptance life insurance policies.

The American Council of Life Insurers recently highlighted that final expense insurance is becoming increasingly popular among seniors due to the rising costs associated with end-of-life expenses.

Is Guaranteed Approval Life Insurance Right for You?

Is guaranteed issue life insurance right for you or a loved one?

Consider your health situation and financial goals. It’s an excellent option if conventional life insurance has been ruled out due to age or health conditions.

This product shines if your priority is providing for final expenses without the worry of leaving behind debt.

However, if you have the option to pass medical underwriting, you might unlock greater coverage and lower premiums elsewhere.

Common Reasons to Buy Guaranteed Life Insurance

People often turn to guaranteed life insurance for several reasons:

• Unable to qualify for traditional insurance: Often due to health issues. 
• Covering burial and funeral costs: Ensuring these expenses don’t burden family members.
• Leaving a financial legacy: Small bequests to loved ones or charities.
• Reducing debts: Life insurance may also be used to settle outstanding debts.

Real-Life Examples: Guaranteed Life Insurance

Let’s explore three real-life scenarios involving guaranteed life insurance.

1. First is Roberta, a 67-year-old with diabetes, who wasn’t eligible for traditional life insurance. She found comfort in securing a policy for $15,000 to cover her funeral expenses.
2. Then there’s Jim, 72, with a high-risk hobby of skydiving, who saw guaranteed life insurance as his only avenue due to a poor driving record impacting his insurability.
3. Finally, Diane, 60, who, after a heart attack, appreciated the simplicity of a policy that wouldn’t probe into her medical history.

Financial Strength of Insurance Companies

If you’re seeking providers in Missouri, it’s wise to consider the financial stability of the companies.

• According to the latest A.M. Best ratings, Mutual of Omaha received an A+ rating, showcasing exceptional financial strength as of October 2022.
• Meanwhile, Allstate boasts an A.M. Best rating of A+ as well, confirmed in January 2023. These ratings provide peace of mind that your chosen provider will honor their commitment down the line.

How to Buy Guaranteed Approval Life Insurance

Buying a policy is simpler than you might think.

Here are the steps:

• Research providers: Choose potential insurers that offer competitive packages. 
• Request quotes: Get estimates on premiums and coverage.
• Apply: Fill out the necessary paperwork. Online applications are often an option.
• Review terms: Understand any limitations, like graded death benefits.
• Finalize purchase: Provide initial payment details to activate coverage.

When Does Full Coverage Start?

Knowing how quickly coverage begins ensures immediate peace of mind.

• For Allstate Benefits, policies typically activate without a waiting period, enabling immediate protection. In contrast, Mutual of Omaha allows for a 30-day free look period, with coverage beginning promptly once finalized.
• However, Mutual of Omaha has a 2 year graded death benefit, so accidental death is fully covered from the start of your policy, but natural death within the first 2 years of being insured only pays out the premiums paid plus 10% interest.

Peace of Mind

Statistics from the Insurance Information Institute show that nearly 90% of seniors have concerns about their finances following death, making it paramount to have policies in place that mitigate this stress. Guaranteed life insurance offers that solution.

Summary

Remember, it’s never too late to plan for the future. With the security of guaranteed issue life insurance, you ensure that loved ones won’t face financial burdens when you’re no longer there. Take control of your future today, and secure a policy that lets you live life with peace of mind.

When making a decision about guaranteed issue life insurance, consider reaching out for a free quote. A personalized estimate will provide insight into potential premiums suited to your budget, aiding your financial planning.

Guaranteed Issue Life Insurance Quotes

Top Pick – Allstate Benefits Insurance Company

Allstate Benefit's Guaranteed Acceptance policy offers $10,000 to $75,000 of coverage to working applicants between the ages of 18 and 70. Rates start as low as $9.65 per month. There’s no medical exam and no health questions. You cannot be turned down. You can get a quote and apply today. Start Here to get a FREE Quote.

NOTE: To qualify, applicants must be working at least 20 hours per week and not collecting any form of disability income or SSDI.

Highly Recommended – 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

Resources:

• The Pros and Cons of Guaranteed Issue Life Insurance
• Guaranteed Issue Life Insurance FAQs
• Tips for Buying Guaranteed Issue Life Insurance