Affordable Life Insurance Protection for Your Family
Do You Want to Buy a Life Insurance Policy without a Two Year Waiting Period?
If so, you may want to first learn how it works, and how it differs from a 2-year waiting period policy.
Life Insurance without 2 Year Waiting
Most life insurance has immediate coverage upon approval for your life insurance, and the insurer receiving your first premium payment.
What that means is, once the insurance company receives your application for coverage, reviews and approves you for insurance, and you pay that first premium payment, you are covered.
That’s how most life insurance policies work – Term Life and Permanent Life Insurance.
What is Life Insurance Requiring a 2 Year Wait Period?
This is basically a guaranteed issue permanent life insurance plan that accepts anyone who meets the age requirement for approval.
With guaranteed issue policies, you cannot be denied coverage due to any pre-existing health condition.
You are guaranteed acceptance for life insurance if:
Guaranteed life insurance has no medical exam required and no health questions asked.
How to Buy Life Insurance without Waiting 2 Year for Full Coverage?
There are several ways you may purchase life insurance coverage without any waiting period, including:
There are quick-issue term life insurance policies available which you may apply for and purchase completely online without any physical examination required.
If you qualify, you may start your life insurance coverage the same day you apply.
Why Do Some Life Insurance Policies Have a Waiting Period?
The key reason some life insurance plans do come with a two-year waiting period is because they are guaranteed acceptance, even for people with health problems.
So, they add a graded death benefit to the policy which means you do not have 100% death benefit coverage from the start of your insurance.
If the person insured by the policy dies within two years of starting their life insurance policy, the beneficiary receives 100% of the premiums paid, plus some interest on those premiums, for example, 8% interest on the premium amount.
That way, high risk people can get insured, but the insurer does not lose too much if the insured person passes away within the first two years of being insured.
Note: The graded death benefit may be 2 or 3 years, it varies by insurance company.
Life Insurance Quotes without a Waiting Period
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Life Insurance Quotes with a 2 Year Waiting Period
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Contestability Period versus Waiting Period
Please Note: The Contestability Period is not the same as the Waiting Period.
Contestability Period: Each life insurance policy comes with a contestability period, which usually lasts for two years.
This means, if you lie on your application for life insurance, and you die within two years of buying your policy, the insurance company can contest the death benefit payout.
If your death is the result of the material misrepresentation on your application for coverage, the insurer can deny any payout to your beneficiaries of your life insurance policy.
What this basically means is if you lied on the application when you bought your life insurance, and your death was a result of the thing you lied about (for example, not having cancer), then the insurance company will not have to pay out any death benefit for your life insurance policy.
Because, they would not have insured you if they knew about the health problem you lied about not having when you applied for coverage.
Waiting Period: The waiting period for a life insurance policy is the period of time required by the insurer that you own the policy before you have 100% (full) death benefits provided by your policy.
It basically means that your beneficiary will not receive the full death benefit of your life insurance if you die before the waiting period ends.
The wait period may be 2 or 3 years, it varies by insurance company.
A waiting period usually applies to Guaranteed Issue life insurance policies because they offer guaranteed approval to people who may not otherwise qualify to purchase a policy due to old age, poor health, driving record, obesity, COPD, cancer, or some other reason that makes the person a high risk.
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