Guaranteed Life Insurance

Typically everyone who applies for guaranteed life insurance gets approval but there exists a waiting period of two years after which the full death benefit will be paid.

Quick Facts

• It’s typically meant to pay for final expenses like funeral and burial costs. 
• It is considered the only option for seniors with terminal health issues. 
• Most individuals applying for guaranteed issues are not in good health and get denied other coverages. 
• As the insurer can’t get an idea about your health via medical exams or questions, you have to pay higher premiums than normal. 

Benefits of Guaranteed Life Insurance

As mentioned earlier, this plan usually accepts all applicants. So if you direly need insurance coverage and can’t pass a medical exam this insurance plan is an easy way to get insured. 

Some other pros of this plan are:

• Its premium never increase 
• The payout or face value never goes down
• Active policy as long as the premiums are paid 
• Gives financial support to your family to pay your funeral expenses 
• No health questions 
• No medical exam is required. 

How does Guaranteed Acceptance Insurance Work?

Unlike other life insurance plans, guaranteed life insurance doesn’t demand any underwriting information. Consequently, its cost is higher than the other plans that have been medically underwritten. In other words, this is the compromise for excluding the medical exam or tests from the policy.

So it works differently as you just have to apply for the plan that nearly gets approved. However, the maximum coverage it offers is $25,000 which will be paid to the designated beneficiaries after the waiting period ends.

Available Riders Options

Just like any other life insurance plan, this policy offers riders to customize your policy. Based on your insurer, you can find some riders to add to your policy like: 

Accidental Death: Doubles the death benefit if death is due to an accident. 

Accelerated Death Benefit: If the policyholder gets any terminal illness, he can use the death benefit to cover his medical expenses from his payout. 

Long-Term Care: If the insured needs long-term care, not covered by a health insurance plan, this policy will offer coverage. 

Why Should You Get It?

This insurance plan is for those seniors who are left with very few options in terms of insurance coverage. So, it could also be a best fit for you if you can’t qualify for any other life insurance and want coverage for your final expenses. 

It is a very flexible policy to prepare yourself for end-of-life expenses. However, its death benefit is not as high, but its main benefit is it never expires unlike term and the premium never goes high. If you don’t want to put a hefty bill of funeral and burial expenses on your family, guaranteed life insurance should be your priority. 

Moreover, before taking a final decision about the insurance plan and coverage amount, you should consult a financial advisor. He will guide you through the best plan according to your circumstances and needs.

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