Affordable Life Insurance Protection for Your Family

Why Buy Guaranteed Life Insurance?

Deciding If Guaranteed Approval Life Insurance Is Right For You

Why Buy Guaranteed Life Insurance?

If you're considering the purchase of a life insurance policy you may be wondering "Why should I buy guaranteed life insurance?"

Well, the truth is, maybe you shouldn’t. But, then again, there are several very good reasons why a Guaranteed Issue Life Insurance policy may be right for you.

Let’s get one thing out in the open first – Guaranteed Issue policies are not for everyone. 

You may be much better off buying a traditional life insurance plan and going through a physical examination and the lengthy underwriting process that may take up to 4-6 weeks or more in order for you to get approved and begin your coverage.

However, there are several very good reasons where a Guaranteed Issue policy may be just what you need.

Who Needs Guaranteed Life Insurance?

Some reasons to buy life insurance with Guaranteed Approval include:

  • You have been Turned Down for Coverage
  • You are Over Age 75
  • You have Pre-Existing Chronic Health Issues
  • You have been Diagnosed with Cancer
  • You have COPD or Emphysema
  • You have HIV/AIDS
  • You have No Other Option to Get Insured

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What is Guaranteed Life Insurance?

Unlike other insurance policies, you don’t have to fill out a medical information form or take a physical exam. As long as you pay your premiums, you get the death benefit. However, benefits tend to be substantially lower and range between $3,000 and $25,000.


What Does Guaranteed Life Insurance Cover?

If you’re between the ages of 45 and 85, in poor health, and having trouble finding insurance policies that will cover you, this may just be right for you. 


Guaranteed Issue Whole Life Insurance: 

This is a good alternative to term life, since it’s for your whole life. 

But a whole life policy works a bit differently, in that it also comes with a guaranteed cash value that grows inside your plan over time. With every premium you pay, some of that goes into your policy’s cash value account, which grows on a tax-deferred basis. And, you may take a loan from the cash value. 

The downside to a permanent life insurance policy is that your premiums will be higher, compared to term insurance which is temporary life insurance protection.


How Does Guaranteed Life Insurance Work?

When you sign up for any type of life insurance policy, you choose a beneficiary. 

The beneficiary is the person(s) you choose to receive the death benefit proceeds from your life insurance policy. 

Ideally, you choose a loving spouse or a dependable family member.

Your beneficiary will have the power to use the money according to the instructions in your will or, in the absence of a will, they’ll decide how the money used. 

Usually, that money would go towards funeral expenses, medical bills and any other debts you may leave behind. 

Keep in Mind: Death Benefits work a little differently with guaranteed life insurance plans

For the first two years you are insured, the payout will be limited. This is called a Graded Death Benefit.

Before two years have elapsed, the guaranteed policy may only provide reimbursement for the premiums paid plus interest. 

So, check out what your death benefit would be should you pass away before you have been insured for two years.


Why Should I Buy Guaranteed Life Insurance?

The biggest reason is because you are unable to purchase any other type of life insurance coverage from any insurance carrier. 

Guaranteed approval policies work a little differently, but it’s insurance for those who have no other way to protect their loved ones when they die.

The cost of a funeral, and even cremation, is rather expensive these days. 

And the last thing you want to do is leave your loved ones with the financial stress of finding a way to pay for your funeral, burial, and other end of life expenses you leave behind, while they are mourning your death.


How Much Does Guaranteed Life Insurance Cost?

This all depends on a number of factors, like the type of insurance policy, length of coverage, amount of insurance, your age, your gender, and more. 

Turn the TV on early some Sunday morning and you’ll see companies advertising some form of "Guaranteed Acceptance" life insurance for as low as $9.95 per month if you act now.

The best way to get an accurate estimate is to connect directly with the insurance company to find out how much your policy will cost – Get a Free Quote.


Which Insurance Companies Offer Guaranteed Policies?

There are several well-known insurers that offer life insurance plans with guaranteed approval.

Some of the leading providers of Guaranteed Issue coverage include: 

  • Mutual of Omaha
  • AAA Life
  • AIG
  • Colonial Penn
  • Gerber Life
  • Met Life
  • AARP/New York Life


When comparing plans make sure you take into consideration, the following:

  • Financial Strength Rating of the Insurer
  • Pricing of Your Policy
  • Maximum Amount of Coverage Available
  • Age Requirements for Approval


The age requirements for acceptance will vary by insurer; as well as, the maximum amount of life insurance available with guaranteed approval.

Keep in mind, you may be able to purchase a policy from more than one life insurance carrier, if you decide you need more insurance.


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.


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.


Learn about Guaranteed Life Insurance Plans


Guaranteed issue life insurance is a last option for many people. But is it right for you?

Guaranteed Coverage is a life insurance policy that the company "must issue" if you pay your premium.

The insurance company usually just asks your age, gender, and the amount of coverage you need.

They don’t ask any medical questions whatsoever, and they don’t require you to take any physical examination.

As you probably already know, most other life insurance applications ask you lots of questions about your health. 

And they usually have a nurse come to your house for a medical exam – this is referred to as a "Paramed Exam" which is paid for by the insurance carrier. 

They really only want to insure you if you are healthy.

This way, you’ll pay premiums for a long time and possibly even cancel your policy before you die. So, the insurer would make a lot of money off you without paying out any death benefit.

However, Guaranteed-Issue insurance policies cater to people who can’t get life insurance coverage anywhere else. 

So, if you can’t get life insurance elsewhere, why not get a guarantee issue policy?

There are plenty of reasons guaranteed plans may not be right for you:

First, the premiums are high for a guaranteed issue life policy. They could even be four or five times as expensive as a comparable life insurance policy that is not guaranteed issue.

"Well," you’re saying to yourself, "if I can’t get coverage elsewhere, I’m willing to pay the higher price." Don’t be so sure it’s a good option. 

First, even if you think you aren’t insurable or you’ve been declined by other companies, it never hurts to ask other companies to insure you.

Understand that insurance companies rely on actuaries that determine what your life expectancy will be based on your age, health, lifestyle, tobacco use, and other key risk factors that are used to evaluate the risk of you dying.

Different actuaries interpret risks differently. One mainstream life insurance carrier might offer you a policy where other insurance companies would not. It never hurts to ask for a life insurance quote.

There is also one big caveat you have to understand if you are going to buy a guaranteed issue policy. 

In most cases, if you die (other than as a result of an accident) within two years of buying your guaranteed issue policy, you only get your premiums refunded, and perhaps some interest on those premiums. 

You won’t get the full death benefit unless you have been insured for at least two years before you pass away. This is called Graded Benefits.

This is the insurance company’s way of protecting itself from very bad risks – people who are near death – who have serious health problems with a short life expectancy.

But people facing extreme health risks are the ones most interested in buying this type of life insurance policy. 

For that reason, if you have major health problems and are scrambling to buy a life insurance policy, make sure you check this provision out before you purchase your coverage.

Another consideration is that Guaranteed-Approval policies are usually issued for small amounts of coverage. Usually, the policies issued for death benefits are between $3,000 and $25,000.

If you need life insurance, don’t assume a traditional insurance carrier will turn you down.

Find out for yourself by requesting a free life insurance quote. 

Make sure to answer all questions truthfully on the application for life insurance coverage.

Life Insurance Quotes

Top Pick – JRC Insurance Group

JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 40+ insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates for savings up to 73%. Get Your FREE Quote.

Highly Recommended – 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.


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