Guaranteed Issue Life Insurance

Guaranteed issue life insurance can be an excellent option for people who don’t qualify for a traditional life insurance policy. If you’re older than 65, extremely ill, or have a pre-existing condition that’s kept you from enjoying the benefits of life insurance, guaranteed issue life can provide enough money to help your loved ones pay for day-to-day expenses, medical bills, credit card debt, funeral costs, or any other expenses they may have.

Most permanent and term life insurance policies require you to go through medical underwriting. That means you’ll need to take a physical exam and blood tests, provide your medical history, and more. If you’re healthy and don’t have any major issues in your family medical history, you’ll typically be approved for a less expensive policy. If you have health issues, however, you may have to pay more or not qualify at all.

With guaranteed life insurance, no medical underwriting is necessary. You can choose from either guaranteed whole life insurance policies or guaranteed acceptance term life insurance. While the premiums and coverage options will differ from traditional policies, guaranteed issue can help you get the coverage you need.

A guaranteed life insurance policy is designed to help people with health issues get covered. If you’re not able to qualify for other types of life insurance, guaranteed issue can help provide the protection you need for your family. For that reason, guaranteed issue policies are more expensive than other types of life insurance. Coverage amounts are also typically lower, with policies often topping out around $25,000.

If you’re relatively healthy and think you could qualify for traditional term or permanent life insurance, these medically underwritten policies can help you save money compared with guaranteed issue life insurance. If your health is holding you back from getting coverage, though, a guaranteed issue policy is there to help. Additionally, once you purchase your policy, the rate is locked in for the life of that policy. Your rate will never increase and your coverage will never decrease, no matter what happens to your health.

Guaranteed issue can be a good fit if you’re older and may have trouble qualifying for other types of life insurance. Guaranteed issue life insurance carriers may even approve you into your 80s. Our eFinancial agents can help you compare plans and find the best option for you and your family.

When it comes to guaranteed issue life insurance, there are no restrictions on how the payout can be used. It’s a tax-free payout that your family can rely on to pay for any expenses they wish. Many people buy guaranteed issue policies to help cover final expenses, which can add up to $10,000 or more, or medical bills. It can also be used to cover daily living expenses, to pay credit cards, or to leave a legacy.

One thing to note: guaranteed issue policies typically have a “graded period” of two years. Once you purchase your coverage, if you die within two years of the policy being issued, your insurance company will simply return your premiums to your family (plus interest, in some cases). Once that period is over, they’ll receive the full payout.

No medical exam or health questions are required for this type of life insurance. For people with serious or chronic health conditions, not having to disclose health issues is the biggest advantage of guaranteed issue policies.

To compare guaranteed issue life insurance quotes or to start the application process, request your free, no-obligation quote online or call 866-351-0726 to discuss your unique needs.