Are You Looking to
Purchase Guaranteed Life Insurance?
If so, you may want to learn something about the coverage, like what it is and how it works.
Whether you are over 45, retired, have health issues, smoke or have been turned down for coverage, you may be interested in learning about guaranteed issue life insurance.
What is Guaranteed Coverage?
Guaranteed acceptance life insurance is a life insurance policy that provides coverage to a person regardless of health, age and professional or personal lifestyle risk.
It’s a way for people to get coverage no matter what the condition of their health.
Unlike standard term life or whole life insurance plans, a guaranteed issue policy does not require you to take a medical examination or fill out a health questionnaire in order to qualify for coverage.
Anyone between the ages of 45 to 85 with any pre-existing health conditions may be eligible for $2,000 up to $25,000 of guaranteed approved coverage.
How Does a Guaranteed Life Insurance Policy Work?
You choose the amount of life insurance coverage you need and request a free quote to find out how much your policy will cost. Then you can apply for coverage and start your policy.
The policy is effective as long as the insured (or owner) of the policy pays the premiums on time.
If the insured person passes away while the policy is "In Force", the death benefit is paid out to the beneficiary unless the insured passes away within the first two years of being insured by the policy, in which case the beneficiary may only be eligible to receive the premiums that were paid for the coverage, and perhaps some interest on that money paid to the insurer.
Is a Medical Exam Required?
No, you will not have to take any type of health examination. These plans are available to anyone who meets the age requirements and you will not have to take any medical exam.
Are there any Health Questions Asked?
No, you will not have to answer any questions about your health.
Who Should Consider Guaranteed Approval Life Insurance?
Individuals who may have been turned down or denied coverage previously, or those who are unable to obtain any other type of life insurance policy.
And, those who have a terminal or other type of high-risk pre-existing condition (such as those currently in hospice care), as well as those who lead a high-risk lifestyle that many insurance companies often avoid may also benefit from guaranteed coverage.
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.
Will I Qualify to Buy a Policy?
Yes, as long as you meet the age requirements. For example, United of Omaha offers guaranteed policies for people ages 45 to 85.
How Much Coverage Can I Buy?
It depends on the insurer, but United of Omaha offers up to $25,000 of coverage.
How Much Does It Cost?
That depends on your age and the amount of coverage you need; as well as, the insurance carrier. However, some plans start as low as $8.80 per month.
Can I Get 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 Insurer 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. A United of Omaha guaranteed acceptance life insurance policy comes with a 60-day money-back guarantee.
What Insurance Companies Offer Guaranteed Issue Policies for Life Insurance?
There are several carriers offering guaranteed coverage including United of Omaha, Metlife, Gerber Life, Colonial Penn and Fidelity Life, among others.
Life Insurance Quotes
Top Pick – United of Omaha
United of Omaha offers guaranteed acceptance whole life insurance for people age 45 to 85. Choose $3,000 up to $25,000 of coverage. Rates start as low as $8.80 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.
Highly Recommended – Met Life
Met Life offers guaranteed acceptance life insurance for people age 45 to 75. Choose $2,500 up to $20,000 of coverage. Rates starts as low as $10 per month. There's no medical exam and no health questions. You cannot be turned down.