Guaranteed issue insurance is a type or whole life insurance policy that does not require you to answer any health questions. Instead, you can undergo a medical exam. You may also hear it called guaranteed life insurance, guaranteed acceptance life insurance, or just guaranteed life insurance.
This type of insurance is for people with medical conditions that make it difficult or impossible to purchase other types of insurance.
Guaranteed-issue life insurance covers people who have specific health issues. This makes it the most expensive type. A 60-year-old can pay upwards $150 per month. In contrast, death benefit amounts are very low at $25,000 and $25,000.
The price of other types of life insurance will vary depending on factors such as age, hobbies and medical conditions. Guaranteed issue life insurance policies have fixed prices that are determined by your age at the time you apply.
Certain people can solve their problems with guaranteed-issue life insurance. If you're one of these people, it's most likely a bad purchase.
Guaranteed Issue Life Insurance is a type whole-life insurance policy that allows for you to skip asking questions about your health and have a medical exam. It is sometimes referred to by other names such as guaranteed acceptance insurance or guaranteed life.
Guaranteed issue life insurance protects people with certain health concerns and other insurance risks. It's also the most expensive type for burial insurance, costing upwards to $150 per month for a sixty-year-old. The death benefit amounts are also low, topping out at $25,000.
For the same 60 year old, a 10-year policy of life insurance with ten-fold coverage would run about $60.
