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Guaranteed Issue Life Insurance
Guaranteed issue whole life insurance is just as the name implies; guaranteed. If you’re between the ages of 45-85 you can’t be turned down, therefore it’s often a promising life insurance choice for seniors or individuals with health concerns as oftentimes, no medical exam is required.
Guaranteed issue life insurance falls under the category of final expense insurance and alongside simplified issue life insurance. It can be daunting to obtain life insurance if you have concerns about your age or health, but both guaranteed issue and simplified issue can help ensure your loved ones are protected in the case the unexpected happens. At SelectQuote, in just minutes, we can help you explore all the life insurance options available to you—including guaranteed issue whole life insurance—to see what policy and coverage makes most sense for you and your situation.
Benefits of Guaranteed Issue Whole Life Insurance
There are a few key benefits to considering a guaranteed life insurance plan. Explore some of the main reasons below:
Guaranteed Acceptance Life Insurance
Guaranteed issue whole life insurance is often easier to obtain than traditional term or whole life insurance due to its guaranteed approval. If you’re between the ages of 45-85, you can’t be turned down. Guaranteed issue life insurance can be preferred for someone who needs coverage immediately or who believes a medical exam or questionnaire might work against their favor for coverage.
No Medical Exam, Medical Records, or Database Check
One of the biggest benefits of a guaranteed issue life insurance plan is that it doesn’t require a medical exam, submission of medical records or any database check. This will not only save you time, but can be a huge benefit if you’re concerned your current or previous health will work against you in terms of approval.
No Health Qualification Questions
While simplified issue life insurance is determined by a health-related questionnaire, guaranteed issue doesn’t require this step, making it one of the most accommodating forms of life insurance available. There are no health qualification questions required, but there is a basic application that has to be completed to obtain guaranteed issue life insurance.
Life Insurance Coverage up to $25,000
If you’re between the ages of 45-85, you can get guaranteed issue whole life insurance coverage up to $25,000. Guaranteed issue covers accidental death from day one, however, it does not cover death by natural causes within the first two years of coverage. That being said, in the event of a natural death within the first two years, premiums paid are paid back to beneficiaries.
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