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
The best way to get life insurance is through guaranteed acceptance. If you do not have any severe medical conditions that could make you unqualified for life insurance, you should look at other policy types. A professional advisor or independent insurance agent can help you compare prices from multiple companies. An advisor who is experienced will be able to tell you which companies will offer the best pricing, based on your medical history. Rates will be based on your age and gender.
You can only get guaranteed-issue life insurance if you are at least 18 years old and live in a certain area.
People with special health needs should work with a life insurer who will search the market for them. Experienced agents will help you determine which life insurers are most likely to take you in based upon your health history.
Because guaranteed issue life insurance covers individuals with specific insurance risks, it is the most costly type of burial insurance. The monthly cost for a 60 year-old is upwards at $150. However, death benefit amounts can be quite low, reaching as high as $25,000.
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.
For seniors, or those who cannot qualify for traditional life insurance but are at moderate health risk, simplified-issue life insurance is best. The coverage limits are slightly higher and require a complete medical questionnaire.
Guaranteed issue life insurance is a type of life insurance policy that does not require a medical exam or health questionnaire. Anyone who meets the basic age requirements is automatically approved, regardless of their health history.
Coverage amounts for guaranteed issue life insurance are generally lower than traditional life insurance policies, ranging from $5,000 to $25,000, depending on the insurer. This is often intended to cover final expenses such as funeral costs.
Guaranteed issue life insurance can be a good option for individuals who have difficulty qualifying for traditional life insurance due to age or health issues. However, because of the higher premiums and limited coverage, it is important to consider whether it meets your financial goals and needs.