Guide to Over 50 Guaranteed Life Insurance

What is Guaranteed Issue Life Insurance?

Put simply, it is a type of life insurance policy that provides lifelong coverage to the policyholder.

The unique thing about guaranteed life insurance is that it's offered without a medical examination, meaning the approval is, as the name suggests, guaranteed, even for those who have been turned down previously due to health issues.

How Does Guaranteed Issue Life Insurance Work?

Guaranteed over 50s life insurance is a type of policy designed specifically for individuals aged 50 and above, offering a fixed lump sum payment upon the policyholder's death.

This type of insurance is guaranteed, meaning acceptance is not based on health status or medical history. Premiums are usually paid monthly and the death benefit payout can help cover funeral costs, outstanding debts, or provide a financial gift to loved ones.

Once a policy is purchased, it continues to provide coverage for the lifetime of the policyholder, as long as the premiums are paid. These premiums are fixed and will never increase over time. Additionally, these plans often accumulate cash value over time, which can be borrowed against.

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Reasons to Buy Guaranteed Issue Life Insurance

There are several reasons why individuals over 50 opt for guaranteed life insurance.

One primary reason is to cover final expenses such as funeral costs, burial expenses, and medical bills. This financial planning helps ensure your spouse, children, or loved ones are not burdened with hefty costs after your death.

Another reason is the concern over being turned down due to pre-existing health conditions. With guaranteed life insurance, these fears are alleviated since approval is, as we discussed earlier, guaranteed. Thus, those with health issues who may have previously been denied can willingly apply without the fear of rejection.

Who Qualifies to Buy Guaranteed Life Insurance?

While most insurance policies have strict guidelines, guaranteed life insurance is designed to be inclusive.

Specifically for the over 50s guaranteed life insurance, any person over the age of 50 and up to the age of 85 can apply and get approved.

How Much Guaranteed Life Insurance Can I Buy?

There is generally a range for the coverage amount. Policies usually offer coverage from as low as $2,000 up to $25,000.

However, the specific amount available largely depends on the insurer and the premium payments.

If you need more coverage you may purchase a guaranteed issue policy from more than one life insurance carrier.

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Limitations on Guaranteed Life Insurance Policies

Even though it's easy to get approved for this type of policy, there are limitations to consider.

This includes age requirements for approval and the limited amount of coverage available.

Despite its name, guaranteed over 50s life insurance does have an upper age limit, usually 85 years. Some insurers offer guaranteed policies for people ages 45 to 85, (*50-75 in NY).

Another limitation is the total amount of coverage you can buy.

As noted earlier, the maximum coverage available for guaranteed life insurance is typically $25,000. While this may cover final expenses, it may not be enough to mitigate all financial burdens your family may face after your passing.

Furthermore, most policies come with a clause called a "graded death benefit."

For the first two years of the policy, if the policyholder dies of a non-accidental cause, the payout could be a return of premiums paid plus a certain percentage interest rate instead of the full amount of the death benefit.

Is Guaranteed Approval Life Insurance Right for You?

Discovering whether guaranteed life insurance is the right choice for you largely depends on individual circumstances.

Many people over 50 consider it suitable for their needs due to its ease of acceptance, fixed premiums, and lifetime coverage.

For those with pre-existing health conditions, this insurance seems to be a light at the end of the tunnel. The assurance of being approved without having to go through medical underwriting can be a big relief.

People on a fixed income or tight budget may also find guaranteed life insurance appealing. With level premiums that never increase and coverage that never decreases, it's a predictable expense that can be planned for monthly.

Those in their golden years who still believe in leaving a financial legacy for their loved ones may find this policy suitable. It allows them to leave behind a sum of money to support their family, even in their absence.

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How to Buy Guaranteed Life Insurance

Looking to buy guaranteed issue life insurance over 50?

The process is straightforward. You can request a free quote from insurance providers, apply for a policy today, or discuss your options with a financial advisor.

Remember that different companies offer varying coverage amounts at different price points. It's essential to thoroughly compare policies and premium amounts before deciding on the right plan and carrier for you.

Benefits of Guaranteed Approval Coverage

Guaranteed over 50s life insurance can be a beneficial component of financially preparing for the future.

It offers a guaranteed acceptance for people ages 45 to 85, and it’s permanent coverage for a lifetime.

In addition, this insurance building cash value gives the policy a level of financial value, making it not just insurance, but an asset that can be used if needed.

This type of policy offers a 30-day money back guarantee (varying by the insurer), often referred to as a "free look period". If you are not satisfied with the policy within this period, you can cancel it without any risk, delays, or hassles and receive a full refund of all premiums paid.

Despite some limitations, for many people over 50, the benefits of guaranteed life insurance outweigh the concerns. The peace of mind knowing your loved ones will not be burdened with your final expenses can be priceless.

Summary

The best way to ascertain whether guaranteed over 50s life insurance is right for you is to assess your needs, finances, and circumstances. Understanding the pros, cons, and details of this insurance will help you make an informed choice.

And finally, your life is vital, and so is choosing the right life insurance policy. Make your decision wisely, with confidence, and with all the information you need at your disposal.

Guaranteed Acceptance 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. 

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

Guaranteed Over 50s Life Insurance