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.
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
For those with pre-existing diseases, guaranteed issue insurance may not be the best option. Though policies differ from one insurer to the next, some policies may include coverage for those with chronic illness. If you have a condition that is pre-existing, find out what options you have.
You might also hear it called guaranteed acceptance of life insurance.
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.
You will pay higher premiums. However, your beneficiaries would not be eligible for a complete death benefit until your policy is in force for a specified time. This can vary depending on the insurance company. This is what's known in insurance as "gradual benefits".
Based on location and age, the qualifications required to obtain guaranteed issue life assurance vary.
