CHEAPEST GUARANTEED ISSUE LIFE INSURANCE
“CAN I GET INSURED?”
Guaranteed Issue Life Insurance Policies have no medical exams or health questions involved that get in the way of receiving life insurance benefits.
No one wants to leave their loved ones behind with the burden of their final expenses.
What to do when you do not qualify for a traditional life insurance
In trying to get approved for a policy, keep an open mind.
Depending on your health condition, you may not be able to qualify for a traditional life insurance policy.
However keep an open mind to other options such as guaranteed issue life insurance, which does not require a medical exam.
Every option will have advantages and disadvantages, and keeping an open mind will help you in making a good decision.
What is guaranteed issue life insurance?
Guaranteed issue life insurance is guaranteed to the person who applies, no matter if they have poor health or a preexisting condition. They will have approval of their policy and it generally only takes a few days to get the insurance. When you choose this type of insurance policy, you don’t have to answer any questions
about your medical history. You don’t have to take an exam either. This makes the process of getting your insurance faster.
Guaranteed-issue life insurance is for you if you have previously been refused coverage by an insurer.
You’re sure to be approved, regardless of your health condition. You cannot be refused coverage, for any reason. Forget medical exams.
Guaranteed-issue life insurance is for you if you are in a low income bracket, but you still want to leave something to your children and grandchildren.
Your rate will never increase, so you know you’ll always pay the same amount. This makes it easier to budget for payments.
Should you get Guaranteed Issue Life Insurance?
While there’s no hard rule which group of people benefit more from guaranteed life insurance than others, there are some pretty clear indicators of what circumstances best fit this policy:
Individuals with chronic, recurring, or difficult to manage illnesses, often progressive or degenerative in nature (Alzheimer’s being a very common one);
Individuals managing terminal illnesses with a fair prognosis over the next few years (Cancer, ALS, Parkinson’s);
People with an overall poor bill of health who would fail a No Medical application (overweight, high blood pressure, diabetic) where the problems are irreconcilable for the most part.
What is the age that you can get coverage?
Anyone between the ages of 40 and up to 90, depending in which State you live.
What is the coverage amount?
Basic coverage is up to $25,000. That’s enough to cover your funeral expenses, provide financial security for your loved ones, help see them through difficult or unforeseen circumstances… even treat them to something extra.
This might sound like a great plan for everyone, but if you are healthy enough to qualify for other life insurance, it’s a much better idea that you do. The guaranteed issue life insurance policy is going to be more expensive than a traditional life insurance policy.
You will also discover that they aren’t going to pay out as much. The payouts will rarely go above $25,000.
The companies that offer this type of insurance have to do this because of the risks they are taking by not requiring the medical questionnaire or the medical exam.