Guaranteed acceptance life insurance, a form of whole life insurance, has neither an exam nor any health questions. The catch is the waiting period. Most of these policies won’t pay the death benefit for a period of up to three years. Why? No insurance company could survive if it wrote policies for people who were dying and who received benefits after only paying premiums for two months.
An application is required but there is no physical exam nor any medical questions. It is generally available in amounts up to $25,000. Most policies must be in force for at least two years before any death benefit is paid. Frequently purchased for end-of-life expenses, medical expenses, etc. A guaranteed issue life insurance policy satisfies many needs, particularly those whose health or age might otherwise compromise their ability to obtain other forms of life insurance.
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Guaranteed issue life insurance (sometimes called “no questions asked life insurance” or “no questions final expense insurance”) is a type of life insurance policy that nearly everybody, no matter the status of their health, is eligible for. The policy’s wide scope of eligibility makes it the perfect solution for those who are ineligible for other forms of life insurance.
With guaranteed issue life insurance, there is no:
This lack of a screening process is what makes the life insurance policy “guaranteed.” Because there’s no screening process, virtually everyone is accepted.
Yes. There are few cases in which people are denied this policy due to the product requirements, not the individual themselves. This means that someone is only ineligible if the following criteria are not met:
So, there are a few stipulations that could prevent you from getting guaranteed life insurance, but they aren’t so prohibitive as to leave many people who might otherwise be denied by traditional providers without the coverage they need.
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Guaranteed issue life insurance is a type of final sum life insurance, meaning that you pay into monthly premiums in exchange for a lump sum benefit once you pass away. There is no opportunity for building cash value or savings unlike other types of insurance policies.
Typically this benefit will not be able to exceed $25,000, making the payout low compared to other policies due to the high-risk nature of clients who apply for guaranteed life insurance.
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There aren’t many insurance policies that apply to everyone, especially life insurance, so having the luxury of choice means Americans can pick the right coverage to match their unique needs.
If you’re investigating your life insurance options, then these are the people that would benefit from gathering guaranteed life insurance quotes:
There are plenty of reasons for wanting guaranteed acceptance life insurance, but what does it include? We’ll dive into that next.
Alternatively, there are also situations in which guaranteed issue life insurance will not be your best choice Those scenarios are as follows:
In these situations, it is best for you to evaluate alternative life insurance options. Whatever your circumstance, we can help.
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Whether or not guaranteed issue life insurance is right for you will depend on your circumstances; for many, the costs are prohibitive, but for others that can’t qualify for traditional life insurance, it’s well worth it. At the end of the day, life insurance is designed to help prevent your loved ones from having to pay for your final expenses out of pocket, and guaranteed acceptance life insurance does exactly that.
Before you choose the best guaranteed issue life insurance policy for you, make sure to compare multiple quotes to snag yourself some savings on this pricier insurance product.
Claire Smith Claire is a creative entrepreneur with a variety of marketing and content creation skills, including blog and web copy writing, research, and strategy. She has a Masters in Cultural Studies from Queen's University and is known for thinking laterally about marketing, based on her deep knowledge of people and behavior.
