Top 10 Reasons to Buy Guaranteed Life Insurance

Here is a list of the most common reasons someone may choose to purchase a life insurance policy with guaranteed approval:

1. Age - Guaranteed acceptance life insurance policies are often purchased by seniors who are not able to secure traditional life insurance due to their age.
2. Health - Individuals with pre-existing medical conditions may find it difficult to obtain traditional life insurance. Guaranteed acceptance policies offer coverage regardless of health conditions.
3. Simplicity - Guaranteed acceptance life policies typically have a simple application process and do not require a medical exam or health questionnaire.
4. Convenience - Many people choose guaranteed life because it can be purchased online or over the phone, without the need for in-person meetings or lengthy paperwork.
5. Peace of Mind - Knowing that their loved ones will be taken care of after they pass away can provide peace of mind to policyholders.
6. Final Expenses - Guaranteed acceptance policies can be used to cover final expenses such as funeral costs, medical bills, and outstanding debts.
7. Inheritance - Some individuals purchase guaranteed life plans to leave an inheritance for their loved ones.
8. Fixed Premiums - Guaranteed acceptance life policies typically offer fixed premiums that do not increase over time, providing budget stability for policyholders.
9. Supplemental Coverage - Guaranteed issue policies can be used to supplement existing coverage, particularly for those who do not have enough coverage through their employer.
10. Limited Options - For some individuals, guaranteed acceptance life insurance may be the only type of coverage available to them due to their age or health status.

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Guaranteed Life Insurance Explained

Guaranteed issue life insurance, also known as guaranteed acceptance life insurance, is a type of life insurance policy that offers coverage to individuals who may not be able to obtain traditional life insurance due to age, health, or other factors.

With guaranteed issue life insurance, the policyholder is not required to undergo a medical exam or provide any medical information. As the name suggests, the policy is guaranteed to be issued if the individual meets the age requirements and pays the premium.

Guaranteed issue life policies are typically offered with lower death benefits and higher premiums than traditional life insurance policies.

The death benefit is the amount of money that will be paid out to the beneficiary upon the policyholder's death. The premiums, or the amount paid for the policy, are often higher because the insurer is taking on a greater risk by insuring individuals without medical information.

The policyholder will pay premiums for the duration of the policy, typically until death.

The death benefit will be paid out to the beneficiary upon the policyholder's death and can be used to cover final expenses such as funeral costs, medical bills, and outstanding debts.

It is important to note that guaranteed issue plans often come with a waiting period before the full death benefit will be paid out. This waiting period is typically two years, and if the policyholder passes away during this time, the death benefit may be reduced or only the premiums paid (plus interest) may be refunded. Get a guaranteed issue life insurance quote.

Who Needs Guaranteed Life Insurance?

Some reasons to buy life insurance with Guaranteed Approval include:

• You have been Turned Down for Coverage
• You are Over Age 75
• You have Pre-Existing Chronic Health Issues
• You have been Diagnosed with Cancer
• You have a Poor Driving Record
• You have COPD or Emphysema
• You have HIV/AIDS
• You have No Other Option to Get Insured

Features of Guaranteed Life Insurance

• Eligibility: Available to anyone, regardless of health condition
• Underwriting: No medical exam or health questions required
• Coverage Amount: Generally, up to $25,000 in coverage
• Premiums: Higher premiums compared to traditional life insurance
• Policy Duration: Lifetime protection.
• Death Benefits: Generally, a level death benefit amount
• Cash Value: May build cash value over time.
• Waiting Period: A waiting period of 2 years may apply before the policy pays out full death benefit coverage. This is called a graded death benefit.
• Guaranteed Acceptance: Coverage is guaranteed, regardless of health conditions. Available for people ages 45-85 (45-75 in NY)

Summary

Guaranteed issue life insurance is a type of life insurance policy that provides coverage to individuals who may not be able to obtain traditional life insurance due to age, health, or other factors.

The policy does not require a medical exam or health questionnaire, but often comes with a waiting period and higher premiums. The death benefit is paid out to the beneficiary upon the policyholder's death and can be used to cover final expenses.

Guaranteed Acceptance 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

Highly Recommended – Gerber Life

Gerber Life offers guaranteed acceptance whole life insurance for people age 50 to 80. Choose from $3,000 up to $25,000 of coverage. Rates start as low as $17.69 per month. There’s no medical exam and no health questions asked. You cannot be turned down. START HERE to get a FREE Quote.

Additional Resources:

• Who Can You Insure for Life Insurance?
• Guaranteed Issue Life Insurance Companies
• Mutual of Omaha vs. AARP/New York Life
• Mutual of Omaha vs. Colonial Penn

Buy Guaranteed Issue Life Insurance Under Age 50

Top 10 Reasons to Buy Guaranteed Life Insurance

Life Insurance No Medical Exam or Questions

Life Insurance for Seniors Age 50-85

End of Life Insurance