How Much Coverage Can I Get with Guaranteed Life Insurance?
When considering your financial future, life insurance often comes into play.
You may be wondering, "how much coverage can I get with guaranteed life insurance?"
This is a question many in the age bracket of 45 to 85 ask, mainly if they've had health issues, been recently declined for life insurance, or consider themselves uninsurable. These plans offer coverage amounts ranging from $5,000 - $25,000. Request your free quote.
Our Guide will help you better understand guaranteed life insurance.
Jump Ahead To These:
What is Guaranteed Life Insurance?
How Much Guaranteed Life Insurance Coverage Can I Buy?
Do I Have to Take a Medical Exam?
Will My Premiums Ever Increase?
Can I Buy More Than One Guaranteed Life Insurance Policy?
Is Guaranteed Life Insurance Right for Me?
What is Guaranteed Life Insurance?
Guaranteed issue life insurance, or guaranteed life insurance, offers coverage that you can purchase without having to undergo a medical examination or answer health-related questions.
This policy is designed primarily for individuals who may have difficulty getting regular life insurance due to their health or medical history.
How Much Guaranteed Life Insurance Coverage Can I Buy?
The answer depends; most insurance companies provide amounts in the range of $2,000 to $25,000 or more.
This guaranteed life insurance coverage can serve to cover medical bills, final expenses, and provide a nest egg for the dependents.
The guaranteed acceptance for ages between 45 to 85 ensures that you are never turned down based on your health status. Get a free quote.
Note: You can buy a guaranteed issue policy from more than one insurance company.
How Much Does It Cost?
The premiums for guaranteed life insurance policies will vary significantly based on several factors. These include the amount of coverage, your gender, age, tobacco use, and the state of residence.
The costlier policy, as a rule, offers higher death benefits. But, remember, though you have guaranteed acceptance, the premium could be higher if you're older or a tobacco user.
Do I Have to Take a Medical Exam?
No. Guaranteed acceptance life insurance is appealing because it's easy to get.
You don't have to worry about taking a physical exam to qualify, which makes it a great option for people with health concerns or those who prefer a simple application process.
When you choose guaranteed issue policies you can skip the medical exam – your approval is guaranteed.
These policies are available to people aged 45 to 85 (*50-75 in NY), no matter what health issues they may have. Request a free quote.
Will My Premiums Ever Increase?
Guaranteed life insurance is permanent (lifetime) coverage with premiums that never increase.
Once you have signed for a level premium, the rate is locked in for the life of the policy. The insurance company cannot raise your rates as long as you pay your premiums.
Can I Buy More Than One Guaranteed Life Insurance Policy?
A common question asked is: "Can I Buy a Policy from More Than One Insurance Company?" Yes, you are allowed to purchase multiple policies from different insurance companies.
Owning multiple policies could be a sensible strategy if you need more coverage than a single insurer offers. Get a free quote.
What are the Limitations?
Even as guaranteed life insurance offers ease of access and approval, there are some limitations.
The primary constraint is the Graded Death Benefits for the first two years you're insured. This means that if you pass away within the first two years for reasons other than an accident, the payout to your beneficiaries will include the premiums plus 10% interest rather than the full death benefit.
From day one of your policy, however, accidental death is covered by a 100% death benefit payout. This is an essential point in retaining peace of mind that your insurance will provide for your loved ones even if something unexpected occurs.
What If I Change My Mind?
You may wonder if surrendering or canceling your policy will lead to financial losses. However, there is a free look period of 30 days with most policies.
During this period, you can cancel your policy and get a full refund without any risk, penalty, or need to explain your decision.
Is Guaranteed Life Insurance Right for Me?
While this all sounds promising, you may still be grappling with the question, "Is guaranteed life insurance the right choice for me?" It comes down to understanding your needs and financial circumstances, and perhaps considering life situations like recent medical diagnoses or concern for loved ones' wellbeing.
Benefits
Choosing guaranteed life insurance has many benefits, especially if you're in the age group of 45 to 85. First, it offers a sure shot at acceptance; this policy is your safeguard. No medical history or current health will bar you from getting insured.
Further, the simplicity of application and approval process makes this policy hassle-free. With no medical exams or health questionnaires to fill out, getting insurance is both quick and easy. It also negates the potential delay caused by underwriting procedures in other types of insurance.
The death benefit, while not as hefty as some other policies, is sufficient to cover funeral expenses, outstanding debts, or serve as a small legacy for your heirs. For those with significant health conditions, having a guaranteed life insurance policy means peace of mind for both themselves, and their loved ones.
Financially, guaranteed approval life insurance is designed to meet the requirements of a wide range of income groups. The premiums are level, and once set, they do not increase over time, regardless of your health condition or age.
Combined with the provision to buy multiple policies, you can customize the death benefit based on your requirement and affordability. This adjusts the balance between premiums that you need to pay and the coverage that your loved ones would receive.
In conclusion, understanding the extent of coverage you can get with guaranteed life insurance is the first step towards securing your financial future. Coverage amounts may vary, but the benefits outweigh limitations for those finding it hard to get insured.
Summary
Choosing the right insurance policy requires homework, careful consideration, and talking to an expert if need be. The choice to invest in guaranteed life insurance, given its benefits, may be the best thing you do for your financial planning and peace of mind.
Start today - compare different insurers, get quotes, and adopt the “right for you” policy that meets your needs. Ensure you are making a fully informed decision and get the coverage you deserve.
Guaranteed 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 Insurance Company
Gerber Life Insurance Company offers guaranteed acceptance whole life insurance for people age 50 to 80. Choose $5,000 up to $25,000 of coverage. Rates start as low as $17.69 per month. There’s no medical exam and no health questions. You cannot be turned down. You can get a quote and apply now. Get a FREE Quote.
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Disclosure: Compensated Affiliate