Guaranteed Life Insurance Buying Tips
Protecting Your Loved Ones is Easy and Affordable
Contrary to popular opinion, you can get life insurance, no matter what your health status
There are many uses for life insurance benefits. Perhaps you want to ensure someone can attend college or university. Or you want to ensure your final expenses or outstanding debts do not burden your family. Maybe you want to leave a donation to a charity.
However, if you’ve been turned down because of your age or medical history, you know how difficult it can be to obtain coverage. One option to consider is guaranteed issue life insurance.
What Does The Term “Guaranteed Issue” Mean?
With fully underwritten life insurance, the ability to obtain coverage is typically based on medical history and current health status. With guaranteed issue life insurance policies, anyone – including those with existing health issues – will be guaranteed to have their application accepted with no health exam or questions required at time of application.
The Misconception About Guaranteed Issue Life Insurance
Many people discount the value of guaranteed issue policies, thinking that this is the only insurance with a waiting period. In fact, both types of life insurance have a “waiting” period.
Guaranteed issue life insurance has a two year waiting period. If death occurs within those two years, no benefit would be paid. However all premiums plus interest would be returned.
This gets confused with the “two year suicide and contestability period” pertaining to all fully underwritten life policies. During those two years the company would not have to pay if the insured commits suicide or dies from something they misrepresented on the application.
Finding it difficult to obtain life insurance? With no medical exam or questions required and guaranteed acceptance, guaranteed issue life insurance is the perfect solution.