New York Guaranteed Acceptance Life Insurance

How to Buy Guaranteed Life Insurance for New York Residents

 

Do You Live in New York and Want to Buy Life Insurance with Guaranteed Approval?

 

What is Guaranteed Life Insurance?

Unlike other insurance policies, you don’t have to answer any questions about your health or take a doctor’s exam. 

As long as you pay your premiums, you get the death benefit. However, benefits tend to be between $2,000 and $25,000.

 

What Does Guaranteed Life Insurance Cover?

If you’re between the ages of 50 and 75, in poor health, and having trouble finding insurance policies that will cover you, this may just be right for you. 

 

Guaranteed Issue Whole Life Insurance

This is a good alternative to term life, since it’s for your whole life. 

But a whole life policy works a bit differently, in that it also comes with a guaranteed cash value that grows inside your plan over time. With every premium you pay, some of that goes into your policy’s cash value account, which grows on a tax-deferred basis. And, you may take a loan from the cash value. 

The downside to a permanent life insurance policy is that your premiums will be higher, compared to term insurance which is temporary life insurance protection.

 

How Does Guaranteed Life Insurance Work?

When you sign up for any type of life insurance policy, you choose a beneficiary. 

The beneficiary is the person(s) you choose to receive the death benefit proceeds from your life insurance policy. 

Ideally, you choose your spouse or a family member.

Your beneficiary will have the power to use the money according to the instructions in your will or, in the absence of a will, they’ll choose how to spend the money. 

Generally speaking, that money would go towards your funeral expenses, medical bills, and any other debts you leave behind. 

NOTE: Death Benefits work a little differently with guaranteed life insurance plans compared to traditional life insurance policies. 

For the first two years you are insured, the death benefit payout will be limited. 

Before two years have elapsed, the guaranteed issue policy may only provide reimbursement for the premiums you paid plus interest. 

So, check out the what your death benefit would be should you pass away before you have been insured for two years.

 

Pros of Guaranteed Issue Policies

There are several advantages to having life insurance with guaranteed approval. Without having to take an exam or answer any health questions the time to get insured and begin your coverage is often far less than if you applied for a fully underwritten policy.

Sometimes the wait period is up to 6-8 weeks for traditional life insurance policies requiring a physical examination. Plus, if you meet the age requirements for a guaranteed policy you cannot be turned down.

 

Cons of Guaranteed Issue Policies 

Although it may seem like a great option for some, guaranteed life insurance does have its drawbacks.

For instance, there’s a decreased coverage amount available with guaranteed approval. Some plans may only offer $25,000 or less of insurance protection, compared to standard policies which may offer much more if you qualify.

However, guaranteed plans are meant to cover things like your final expenses, burial and funeral costs.

In addition, if the insured passes away during the first two years of being covered, the beneficiary may not yet be eligible for the full death benefit.

 

Why Should I Buy Guaranteed Life Insurance? 

The biggest reason is because you are unable to purchase any other type of life insurance coverage. 

Guaranteed acceptance life insurance is a policy that works a little differently, but it’s insurance for those who have no other way to protect their loved ones when they die.

The cost of a funeral, and even cremation, is rather expensive these days. 

And the last thing you want to do is leave your loved ones with the financial stress of finding a way to pay for your burial, funeral and other end of life expenses.

 

How Much Does Guaranteed Life Insurance Cost?

This all depends on a number of factors, like the type of insurance policy, length of coverage, amount of life insurance, your age, your gender, and more. 

The best way to get an accurate estimate is to connect directly with the insurance company to find out how much your guaranteed policy will cost – Get a Free Quote.

 

Who Needs Guaranteed Approval Life Insurance?

Some reasons to buy life insurance with Guaranteed Approval include:

• You have been Turned Down for Coverage
• You are Over Age 50
• You have COPD or Emphysema
• You have HIV/AIDS You have Pre-Existing Chronic Health Issues
• You have been Diagnosed with Cancer
• You have No Other Option to Get Insured

 

Which Insurance Carriers Offer Guaranteed Issue Policies?

There are several well-known life insurers that offer plans with guaranteed approval.

 

Some of the leading providers of Guaranteed Issue coverage include:

• Mutual of Omaha
• Met Life
• Gerber Life
• AAA Life
• AIG
• Colonial Penn
• AARP/New York Life

 

When comparing plans make sure you take into consideration, the following:

• Financial Strength Rating of the Insurer
• Maximum Amount of Coverage Available
• Pricing of Your Policy
• Age Requirements for Approval

 

The age requirements for acceptance will vary by insurer; as well as, the maximum amount of life insurance available with guaranteed approval.

Keep in mind, you may be able to purchase a policy from more than one life insurance carrier, if you decide you need more insurance.

 

Will I Qualify to Buy a Policy?

Yes, as long as you meet the age requirements. For example, Mutual of Omaha offers guaranteed policies for people ages 50 to 75.

 

How Much Guaranteed Coverage Can I Buy?

It depends on the insurer, but Mutual of Omaha offers up to $25,000 of coverage.

 

Can I Get Guaranteed Issue Coverage for My Spouse, Too?

Yes, you can purchase a guaranteed issue policy for your spouse. Because you have an insurable interest in your spouse, you may purchase life insurance on him or her.

 

Will My Premiums Ever Increase?

No, once you start your policy the premium remains the same for the entire life of your plan.

 

Will the Amount of Life Insurance Ever Decrease?

No, once you begin your insurance the amount of coverage provided by your policy remains the same throughout the life of your plan.

 

Can the Insurance Company Cancel My Policy If My Health Changes?

No, the insurer cannot cancel your insurance if your health changes or you become ill. You may choose to cancel your policy by contacting the insurer or you may stop paying your premiums to end coverage.

 

What If I’m Not Satisfied with My Policy?

That’s fine. There’s no risk to you. Mutual of Omaha guaranteed acceptance life insurance comes with a 30-day money-back guarantee.

 

 Guaranteed Life Insurance Quotes

Top Pick – Mutual of Omaha

Mutual of Omaha offers guaranteed acceptance whole life insurance for people age 50 to 75. 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

Additional Resources:

• Can I Buy Life Insurance on My Dad?
• Can I Buy Burial Insurance for My Mother?
• Can I Buy Funeral Insurance for My Parents?
• Can I Buy Life Insurance for My Grandmother?
• Can I Buy Life Insurance for My Grandfather?

Compare Plans:

• Mutual of Omaha vs. AARP/New York Life
• Mutual of Omaha vs. Colonial Penn

 

What to Look for in a Guaranteed Life Insurance Policy?

New York Guaranteed Acceptance Life Insurance