Guaranteed Life Insurance Review

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What is a Guaranteed Life Insurance?

To qualify for a traditional life insurance policy, a comprehensive medical exam is often a prerequisite. It is nearly impossible to obtain life insurance if you are unhealthy or are suffering from a major illness such as cancer or chronic heart issues. Guaranteed Life insurance, on the other hand, allows you to have coverage regardless of your past or current health problems. It is for those people, who are unable to get a regular life insurance policy and need affordable coverage.

couple looking at Guaranteed Life Insurance Review

Due to the fact that there are no additional requirements to get approved for guaranteed life insurance policies, the monthly payments or premiums may be higher, but they usually stay the same for the life of the policy. This means that your life insurance policy will never lapse, as long as you pay your monthly premiums in a timely manner. Guaranteed life insurance typically has a limited death benefit in the first two years if you die from natural causes. However, if you die from accidental death, it pays the full death benefit. This type of Life Insurance is also called a “Guaranteed Issue”. This means that seniors, and younger people with bad health, can obtain approval without a medical exam or medical questions in as fast as 48 hours. How does it work?

Here are the steps mentioned for how guaranteed issue life insurance works in a simplified manner:

  • Fill out a basic application that has no health or medical-related questions.
  • It is the final resort, and all applicants are approved.
  • Death benefits and coverage amounts are paid to your beneficiary once the death certificate is received.
  • Monthly or annual premiums must be paid on time to keep the policy in effect.
  • If the policyholder meets his/her demise in less than two years of purchasing the policy, the beneficiaries are simply refunded the total amount of premiums paid so far plus interest.
  • Policyholders can designate a funeral home to be paid directly upon his/her death. This is to save the deceased’s family from bearing the extra expense. Guaranteed whole life insurance Guaranteed whole life insurance is a permanent life insurance policy that provides up to $50,000 of coverage till you die. If you are between 40 and 85 years of age, you are automatically accepted for this type of Life insurance. No Health Questions, and No Medical Exams, are required. Your beneficiaries are guaranteed to receive a tax-free lump sum amount of cash in case of your death. Guaranteed whole life insurance is also called guaranteed issue life insurance, and it can be a great way to ensure your family has enough funds to pay your funeral expenses someday

    . This type of policy also offers cash value, which can be used to cover missed payments. Whole life policies also offer the ability to take out a loan against the policy, in case you need the money. These policies are generally more expensive because they span over an entire lifetime.

     

    Guaranteed Term life insurance

    In contrast to whole life insurance, term life insurance is for a limited coverage period. At the end of the policy period, the holder has the option to renew the policy or end coverage. This type of insurance is generally more affordable, but it doesn’t offer cash value like whole life policies do. They can eventually be converted to permanent life insurance policies in some cases.

    Guaranteed Term life insurance is called “guaranteed”, because it does not require any medical exams or medical questions. If you are between 18 and 75 years of age, you qualify for up to $50,000 of Life Insurance coverage. However, a life insurance company has the right to check your medical history and adjust your premium cost in the near future. Sometimes, the monthly payment is designed to increase every 5 years, as it is stated in the policy. If your policy is a part of a group life insurance product, the price may increase only if the whole group receives a premium increase.

    The benefit period for guaranteed issue term life insurance is usually renewable, and it usually terminates at age 80. However, the life insurance company cannot cancel your policy due to future health problems during the term benefit period. Press the “Request Quote Button” to see how affordable Guaranteed term life Insurance can be.

     
    Here is the list of the top 10 life insurance companies in the US that offer guaranteed issue life policies:

     

  • Gerber
  • AIG Direct
  • Colonial Penn
  • Americo
  • Mass Mutual
  • Mutual of Omaha
  • United Home Life
  • Fidelity Life
  • Kemper Insurance
  • Great Western

    Always read the policy and the terms before agreeing to any long-term commitments. Life insurance policies can be a good way to protect your family in the near future.

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