What is Guaranteed Issue Life Insurance Seniors
Guaranteed issue life insurance is life insurance that cannot be declined for health reasons. The main requirements you must meet to get guaranteed life insurance are:
- You must be in the age group covered by that type of policy. Most policies of this type are offered to people age 50-80, although we carry a few that extend to people under age 50 or over age 80.
- You must reside in a state where the policy is offered.
Guaranteed Issue Life Insurance is a no questions asked life insurance policy. When it comes to these policies, you are not required to answer any medical questions about yourself, everyone qualifies. There are only a few minimal requirements to qualify for Guaranteed Issue Life Insurance:
- Older than 40yrs of age
- Younger than 89yrs of age
- The ability to sign the application
- The ability to afford the premiums
Guaranteed Issue Life Insurance policy requires no blood work, no medical records and no questions. Many consumers can find an exam invasive. Also, if you aren’t in the greatest health, this policy is probably right for you. It is also a relief knowing that all you have to do is answer no to three main questions and you will get approved.
Guaranteed Issue Life Insurance can be more expensive because the company is taking a risk by offering you this policy. All they know about you is your age and where you live. In order to cover the risk they are taking by approving you, they must charge a high premium. You will always end up paying more for a guaranteed issue policy than an underwritten policy .
Guaranteed Issue Life Insurance policies usually range from $2,000-$25,000. Once again, because the company knows so little about you, they don’t want to approve a million dollar policy. Also, because Guaranteed life is so expensive, not many would be able to afford a high value policy. Therefore, if you’re looking for a million dollar policy, then Guaranteed Issue Life Insurance probably isn’t your solution.
Guaranteed Issue Life Insurance Grades the benefit, which means that the beneficiaries would not receive the full amount of the policy until it has been in effect for over two years. If the insured dies prior to the end of the graded benefit, the beneficiary would simply receive the premiums back plus interest paid. Some companies offer as much as twenty percent, which can be an advantage just by itself compared to not buying coverage and leaving the money in the bank.
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Many individuals consider life insurance to be the cornerstone of a sound financial plan. And while no one likes to think about passing on, Life Insurance can relieve you of the financial worry your loved ones may face in the event of your passing.
Your beneficiaries will be able to use your Life Insurance policy to help pay for anything from expensive funeral costs and estate taxes to making up for lost income or funding your child’s education. It can even be used to continue payments on your mortgage to help ensure that the family home stays in the family.
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