Life insurance coverage is guaranteed, regardless of health conditions, with no medical exam required.
Low coverage amounts could result in you paying more in premiums than the total death benefit will pay out.
Who It Is Best For
People older than 50 who are looking for a guaranteed acceptance life insurance policy to help cover final expenses.
As the name suggests, a guaranteed issue life insurance policy, also called a guaranteed acceptance policy, is guaranteed. It’s a policy that will provide coverage for anyone who applies for it, with few questions asked. But, there are details you should know about this type of life insurance coverage. Below are the basics: what it is, who it’s for, and whether it’s right for you.
What Is Guaranteed Acceptance Life Insurance?
Guaranteed issue life insurance is a policy that provides cash benefits to a beneficiary upon the death of the person who is insured. The insurance company will offer this policy to any applicant, regardless of his or her past or present health concerns.
Who Is Guaranteed Issue Life Insurance For?
Guaranteed issue life insurance is typically for people over the age of 50 — including seniors who have roughly 10 years or less to live — or for people with current or previous medical problems. It is often a last resort for those who can’t qualify for other types of life insurance policies because of their health issues and/or those who don’t have the option to purchase life insurance through their employer.
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The Positives and Negatives of Guaranteed Issue Life Insurance
If you’re looking for a quick life insurance policy without the hassle of having someone delve into your medical history, a guaranteed issue life policy might be right for you. As a general rule, guaranteed issue life insurance policies:
Are much easier to get than other types of life insurance policies
Usually take days, instead of weeks, to be approved
But, you can expect the positives to be offset with some negatives. Because the insurance company doesn’t know much about your current or past health, you will usually find that:
You can’t purchase as much coverage as with other types of life insurance
This type of life insurance policy is typically more expensive than other types
You should also be particularly aware of the return on your investment with a guaranteed issue life insurance policy. Because of the typically higher premium cost and the smaller amount of coverage, you could end up paying more for your premiums over time than your beneficiary will see in the resulting death benefits. And, if you die shortly after you buy a guaranteed issue life insurance policy, your beneficiary will receive only the premiums paid and possibly some interest, depending on the company that issued the policy.
Once you select the amount of coverage you need, affordable premiums are guaranteed for as long as you hold the policy. Even if the cost of living keeps rising, you can be confident that you will pay the same premium rate 10, 20, even 30 years down the road.
If you are a U.S. citizen or a permanent legal resident between the ages of 50 and 80, you can receive graded death benefits for the first two years of coverage. If you die within the first two years of your policy for any reason other than an accident, all premiums plus 10% interest will be paid to your beneficiary. If death is due to accidental causes, the full death benefit will be paid. After the two-year graded death benefit period, if you die for any reason, the full face amount of the policy will be paid to your beneficiary.
When Does It Make Sense to Buy Guaranteed Issue Life Insurance?
The form on this page will allow you to get an instant quote, evaluate your options, and apply for a guaranteed issue life insurance policy.
The application process is simple. No medical exam is required, and there are no health questions to answer. Your acceptance — regardless of your health — is guaranteed. Plus, your spouse, if he or she is between the ages of 50 and 80, can get up to $20,000 in guaranteed benefit protection, too.
If you still have questions or concerns, you can contact True Blue Life Insurance at 1-866-816-2100 to have a licensed insurance professional help find the best options available to you.