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Life insurance is the ultimate peace of mind, but there are different requirements, depending on the type of policy you choose. To ensure you are making the best possible decision for your needs, it is essential to research, explore your options, and speak to a licensed insurance advisor who can answer all your questions and get you the coverage you need.
Why Choose Guaranteed Issue Life Insurance?
Guaranteed Issue Life Insurance is a type of policy you can purchase without the need for a medical exam or answer specific questions about your health. The insurance company does not require access to your medical history, and you can’t be turned down – hence, your acceptance is guaranteed.
Life insurance is an essential financial support to help your loved ones manage expenses in the event of your death. Guaranteed Life is a whole-life insurance policy that pays your beneficiaries a pre-determined amount, usually somewhere between $2,000 and $25,000.
The Right Choice
Guaranteed Issue Life Insurance might be the right choice for you if you have serious health concerns that prevent you from obtaining other types of life insurance. Some of these issues might include:
- A terminal diagnosis
- Past organ transplants
- Chronic disease
- Dialysis
- Dementia
- You are in a wheelchair because of a chronic condition
- HIV or AIDS
Features of Guaranteed Issue Life Insurance
Guaranteed issue policies differ from other types of life insurance in a few key areas.
- There is a waiting period, usually two years.
- If you pass away during the waiting period, your beneficiaries will receive the premiums you paid to date.
- Premiums are generally more expensive than other kinds of life insurance.
- Policy values are limited, usually $25,000 or less.
Additionally, if you live long enough, your premiums could exceed your benefit, meaning that what you paid into the policy is more than what it is worth. A licensed insurance advisor is qualified to provide you with the best advice on Guaranteed Issue Life Insurance.
