Guaranteed Life Insurance CoverageWhat is Guaranteed Life Insurance Coverage?You may have seen the offers on television for Guaranteed Life Insurance Coverage, or through the mail. Those commercials offering you "Get approved for guaranteed issue life insurance with No medical exams and No medical questions!" But how much coverage does guaranteed life insurance coverage actually guarantee you? Let’s take a look to help you better understand what it is, and how it works. Guaranteed life insurance is a life insurance policy that will insure whoever applies for it, no questions asked. Sounds too good to be true, right? Usually, guaranteed acceptance life insurance is offered to senior citizens, the elderly, or those with medical problems. The catch for these kinds of life insurance policies is that the amount of coverage available is usually limited to $20,000. And, the life insurance premiums you pay for the coverage are usually higher because there are no medical exams, or medical information required in order to qualify. When it's all said and done, it's possible that you will wind up paying more in premiums than your beneficiaries will see in death benefits. However, you should be aware of the possibility of paying more in premiums than the actual face value of your life insurance policy is worth. But, that depends on your premiums and how long you own the policy. Get a free quote.
How Can Life Insurance Companies Offer Guaranteed Life Insurance Coverage?The way they do this is through the Graded Benefits Clause which is standard on all guaranteed approval policies. This clause helps protect the insurance companies from fraud, or people who are not honest on their application. The Graded Benefits Clause states that if the life insurance policyholder dies within two or three years (usually) of buying their guaranteed life insurance policy, a refund of the policy's premiums, plus interest, will be paid instead of paying out the policy death benefits. This clause was enacted to prevent people on their deathbed from signing up for a life insurance policy, just to gain some extra benefits for their family. A life insurance company may pay out the full death benefits of the policy in the event of an accidental death – however, the definition (as stated in the policy) of what is accidental is very limited, and this feature is only offered through certain life insurance companies. Life Insurance Companies base your insurance rates on your age, amount and type of coverage, and medical information, so if you can buy life insurance after going through a medical exam and answering medical questions, it would be more cost effective to purchase through that approach, instead of buying guaranteed issue coverage. Also, with a fully underwritten life insurance policy you may pay less in premiums and have more coverage. If you are interested in getting a quote or learning more, you can request your free guaranteed life insurance quote online, with no obligation. Or, if you want to compare rates and plans for fully-underwritten life insurance which may require a physical exam, you can request your free life insurance quotes online from top-rated insurers.
Guaranteed Life Insurance CoverageGuaranteed Life Insurance is available from Stonebridge Life Insurance Company which is rated "A+" (Superior) by A.M. Best for financial strength.
They offer up to $20,000 of permanent life insurance with no medical exam required. There’s no physical, no medical questions, and instant approval. You can apply online for you and your spouse in just minutes.
To learn more about guaranteed issue life insurance you can watch the following video that explains how it works:
Or, if you want to learn about different types of life insurance related to guaranteed issue life insurance, choose from the links listed below: Guaranteed Acceptance Life Insurance
If you need more life insurance protection, you may want to consider Globe Life Insurance. You and your spouse, or significant other, can apply online for coverage in just minutes. Globe Life Insurance offers adults Term Life Insurance coverage with No Medical Exam required. Your coverage can never be reduced or canceled due to your health or occupation. Globe Life Insurance offers people age 78 or under up to $30,000 of term life insurance with no exam required. Globe Life Insurance was established in 1951 and is rated "A+" (Superior) by A.M. Best for financial strength. Many individuals and couples choose Globe Life Insurance because it's fast, easy and very affordable. You can apply online and get approved in 5 minutes.
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