Guaranteed Issue Life Insurance in West Virginia: What If Your Health Makes Life Insurance Hard to Get?

If you live in West Virginia and have been told that your health may make
life insurance difficult to obtain, don’t assume that you have no options.

Guaranteed issue life insurance can provide coverage for people who may
have difficulty qualifying for traditional life insurance because of
health conditions, age, or medical history.

But there is an important point many people don’t realize:
guaranteed issue should not automatically be your first choice.

Before purchasing a guaranteed issue policy, it can make sense to compare
several types of life insurance to see whether you qualify for better
coverage or a lower premium.

What Is Guaranteed Issue Life Insurance?

Guaranteed issue life insurance is generally a type of permanent whole
life insurance designed for people who want a relatively small amount of
coverage without going through traditional medical underwriting.

Depending on the insurance company and product, you may not have to take a
medical examination or answer detailed health questions.

This can make guaranteed issue coverage particularly valuable for someone
with significant health problems who has had difficulty qualifying for
other life insurance.

Who Might Consider Guaranteed Issue Coverage?

It may be worth considering if you:

• Have been declined for traditional life insurance.
• Have significant or multiple health conditions.
• Are primarily looking for final-expense coverage.
• Want a relatively small permanent death benefit.
• Do not want to complete a medical exam.

Don’t Assume Your Health Automatically Requires Guaranteed Issue

This is where comparing companies can make a big difference.

Life insurance companies do not all evaluate medical conditions the same
way. Someone who assumes they need guaranteed issue coverage may actually
qualify for a simplified-issue or medically underwritten policy with
different benefits or pricing.

For example, conditions involving diabetes, heart history, cancer history,
COPD or other medical issues can be viewed differently from one insurance
company to another.

That’s why at Mintco Financial, we believe the better question is not simply:
“Can I get guaranteed issue life insurance?”

The better question is:
“What life insurance options can I qualify for, and which one gives
me the best value for my situation?”

Guaranteed Issue Policies Can Have a Waiting Period

One of the most important things to understand before buying guaranteed
issue life insurance is the graded or modified death benefit.

Many guaranteed issue policies do not immediately pay the full face amount
for a non-accidental death during the first years of the policy.

Instead, the beneficiary may receive the premiums paid plus an additional
amount specified by the policy. After the graded-benefit period has passed,
the full policy death benefit may become available for covered deaths.

The exact provisions vary by insurance company, so this is something you
should understand before purchasing the policy.

Example: Gerber Life Guaranteed Life Insurance

One guaranteed issue option currently available to eligible West Virginia
residents is Gerber Life Guaranteed Life Insurance.

Gerber currently advertises guaranteed acceptance coverage for eligible
applicants ages 50 through 80, with coverage amounts generally ranging from
$5,000 to $25,000.

The policy does not require a medical examination or health questions.
It also includes a graded death benefit during the first two policy years
for certain non-accidental deaths.

Gerber is only one example. Depending on your age, health and desired
coverage, other insurance companies and policy types may also be worth
comparing.

How Much Life Insurance Do You Need?

Guaranteed issue policies are often designed for smaller coverage needs,
such as helping a family with:

• Funeral and burial expenses
• Final medical bills
• Credit cards or other debts
• Household expenses
• Leaving a modest amount of money to children or grandchildren

If you need substantially more coverage, it becomes even more important to
determine whether you qualify for another form of life insurance.

Guaranteed Issue vs. Simplified Issue Life Insurance

These two types of insurance are sometimes confused.

Guaranteed issue: generally involves no health questions
and no medical exam, subject to the policy’s eligibility requirements.

Simplified issue: normally does not require a traditional
medical exam, but the insurer asks health questions and may review medical
or prescription information.

Because simplified issue insurance involves some underwriting, applicants
who qualify may have access to different benefits or pricing than they
would with guaranteed issue coverage.

What Should West Virginia Residents Compare?

Don’t compare life insurance based only on the monthly premium. Look at the
entire policy.

• The death benefit
• The monthly or annual premium
• Whether premiums are guaranteed
• The length of any graded-benefit period
• How non-accidental death is treated during that period
• Accidental-death provisions
• Whether the policy builds cash value
• The financial strength of the insurance company
• Whether another type of policy may provide a better value

Life Insurance for Seniors in West Virginia

Whether you live in Charleston, Huntington, Morgantown, Parkersburg,
Wheeling or elsewhere in West Virginia, you may have more than one life
insurance option available.

Even if you are in your 60s, 70s or 80s, the right starting point is to
compare what you may qualify for rather than assuming one particular
product is your only choice.