guaranteed issue whole life insurance quotes

Apart from the higher premiums, a guaranteed-issue life insurance policy doesn't provide a death benefit to your beneficiaries until your policy has been in place for a set amount of time. This usually ranges between one and two years depending on what life insurance company you have. This is commonly known as graded benefit in the insurance industry.
Most life insurance companies will give a refund of your premiums instead of the death benefit if you die in the first few year of your policy. Investopedia reports that this practice is not intended to prevent the immediate payment of large amounts to critically ill people who sign up for a policy to ensure their loved ones receive a death benefit.