Based on location and age, the qualifications required to obtain guaranteed issue life assurance vary.
You might also hear it called guaranteed acceptance of life insurance.
Because there are no medical examinations or reports required by the insurer, you will get a response quickly after you submit your request. Your policy will become effective as soon as your sign, return and pay your premium. A Policygenius agent will assist you.
Guaranteed issue life insurance does not cover pre-existing conditions. While policies vary from insurer to insurer, some policies may cover people with chronic diseases. If you have a pre-existing condition, learn more about your options.
Burial insurance is a type of policy that guarantees guaranteed issue life insurance. Permanent coverage is the best option for those between 45 and 80 years old and those with severe medical conditions or terminal illnesses.
Life insurance that guarantees acceptance is the best option for you. You should not be denied for any other policies unless you have serious health issues. Independent advisors or agents can help you compare multiple companies. A professional advisor will also know which insurance companies offer the most affordable pricing for you based upon your medical condition. Rates are determined by the age of the policy you purchased and the gender.
To protect themselves against the purchase of life insurance by seriously ill individuals, guaranteed life companies often use graded death protections.
Guaranteed issue life insurance is not like term or whole-life insurance. It doesn't require a medical exam or health questions. A small death benefit is included to help your family pay for funeral costs and medical bills.
Let's say your policy provides a graded benefit. You die from natural causes within the first two years. Your beneficiaries will receive 110% of the premiums they paid to the policy. If you die from suicide or an accident during the first two-years of coverage, your heirs will receive a 100% refund. Your beneficiaries will receive $100 to $110 depending on the reason for your death
A 10-year insurance policy that provides ten times the coverage would be $60 for the 60-year-old.