Affordable Life Insurance Protection for Your Family

Guaranteed Issue Life Insurance Definition

What is Guaranteed Issue Life Insurance?

Guaranteed issue life insurance is a type of permanent life insurance best used for final expense coverage providing the funds needed for funeral, burial and end of life costs. 

It’s best for people between the ages of 45 and 85 and those who can’t qualify for a standard life insurance policy due to a serious pre-existing medical condition or terminal illness diagnosis. 

Unlike traditional term life or whole life insurance, the application for guaranteed issue life insurance coverage doesn’t involve any health questions or a medical examinations. Guaranteed Issue policies offer a small death benefit, but it can help your loved ones pay for your end-of-life expenses, such as funeral and burial costs, or medical bills.

Many people use guaranteed issue life insurance plans as a last-resort option if you are unable to qualify for other types of life insurance policies.

Keep in mind, you may be denied if you do not meet the age or state of residency requirements.

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How Does Guaranteed Issue Life Insurance Work? 

Guaranteed issue life insurance functions differently than other types of life insurance. Here’s how:

  • An Application is required — No medical exam, health questions, or waiting period.
  • Almost all Applicants for coverage are approved.
  • The Coverage Amount payable to your beneficiary at the end of your life usually has a maximum limit of $20,000 – $25,000.

Usually, guaranteed issue policies have graded death benefits, which means you have to be insured for at least two years before it will pay the full death benefit. If the insured dies less than 2 years after buying the policy, the benefits are limited.

If the insured person passes away before owning the insurance policy for two years, your beneficiaries usually get refunded 110% of premiums you’ve paid into the policy. So if you’ve paid $100 in premiums, your beneficiaries will receive $110.


Guaranteed Issue Life Insurance Explained?

It’s simple. It is a type of permanent life plan that guarantees your approval for coverage

It just means you cannot be denied this type of life insurance policy if you meet the age requirements for approval. And, your insurance coverage lasts your entire lifetime, as long as you pay the premiums on time.

There's no doctor’s checkup required, and you won't have to answer any questions about your health or health history.

So, even if you have a serious health problem, you can still get insured for life insurance protection.


What are the Age Requirements?

The age requirement for approval on guaranteed policies depends may vary by insurance company. 

For example, Mutual of Omaha offers guaranteed approval for people ages 45 to 85 years old. Whereas, other insurers may offer coverage for people ages 45-75, 40-80, or 45-80 years of age.


How Much Coverage Can I Buy?

With Mutual of Omaha you may choose from $2,000 up to $25,000 of life insurance.


How Much Does It Cost?

The cost of life insurance for someone over 45 will depend on your gender and the amount of insurance you need. However, rates for guaranteed life insurance start as low as $8.84 per month. 

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Can I Buy Guaranteed Life Insurance for My Spouse?

Yes. You may buy life insurance for yourself and/or your spouse.


What If I Change My Mind?

With Mutual of Omaha Life Insurance Company there’s a 30-day money-back guarantee on their guaranteed issue whole life insurance. So, if you decide you are not satisfied with your insurance policy you may choose to return the policy to the insurance carrier within 30 days of your purchase, and receive a 100% refund of all premiums paid. There is no risk to you.


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

No. The insurer cannot cancel your coverage if the condition of your health changes after you purchase the policy.

The only way they can cancel your insurance is if you stop paying your premiums, or you contact the life insurer and request that they cancel your policy.

Advantages of Guaranteed Issue Whole Life Insurance

  • Fast Approval
  • Guaranteed Approval  
  • Provides a Death Benefit to Your Beneficiaries
  • No Medical Exam Required  
  • No Health Questions Asked


Guaranteed Issue 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 $5,000 up to $25,000 of coverage. There’s no medical exam and no health questions. You cannot be turned down. START HERE to get a FREE Quote.

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Guaranteed Issue Life Insurance Definition

Disclosure: Compensated Affiliate