Guaranteed Issue Life Insurance in detail:
This type of life insurance policy can be taken out by anyone, regardless of health. The insurance provider will guarantee to provide you with a life insurance policy that will pay out a death benefit to your loved ones, in the event of your death.
How do I know if Guaranteed Issue Life Insurance is for me?
Guaranteed issue life insurance is typically available for anyone and can be particularly helpful if you have previously been turned down for traditional life insurance coverage. Where most other life insurance products require a certain level of health in order to provide coverage, guaranteed insurance typically does not which means that even if you have a terminal illness, you may potentially be able to secure life insurance coverage by this means.
Are there any conditions to guaranteed issue life insurance type of coverage?
As with all life insurance policies, there will be certain conditions applied to your guaranteed policy coverage. Typically your insurance provider will:
- Offer lower rates of pay out (death benefit) than standard life insurance coverage.
- Withhold the death benefit payment during the first two years of the policy. This is to protect the insurance provider from giving last minute benefit pay outs to those who are knowingly close to dying. In this situation, the insurance provider will typically offer a refund of premiums paid.
How does a guaranteed issue insurance policy compare cost-wise?
Because this policy is guaranteed to be typically available to anyone – even those who have previously been declined life insurance – then the premiums are usually higher than a standard life policy.
Who would benefit from a guaranteed life insurance policy?
A guaranteed issue life insurance policy will tend to be beneficial to someone who is in poor health and cannot obtain a standard policy. It can also be helpful to someone with a terminal illness who is looking to provide the best that they can for their loved ones in the event of their death.
Generally, a guaranteed issue life insurance policy is issued as a last resort for those who are unable to obtain the coverage anywhere else.
Life Insurance typesFinal Expense Life Insurance
No Medical Exam Life Insurance
Universal Life Insurance
Whole Life Insurance
Term Life Insurance with Living Benefits
Indexed Universal Life Insurance
Guaranteed Life Insurance
Second To Die Life Insurance
Mortgage Life Insurance
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