What’s the good news about guaranteed issue? Well, just like it’s name implies, if you can answer a few baseline questions correctly, you’re guaranteed to get life insurance! Talk about removing all of the guesswork out of the equation. With guaranteed issue you can focus on getting your policy quickly and without the headache of a traditional life insurance application. Life insurance is very important to have because when you leave this world you don’t want to leave your family with debt or financial worry and even if you think you can’t get life insurance, YOU CAN and here is how! If you are worried about the expense of trying to get a traditional life insurance policy or you’re afraid that you will be declined, guaranteed issue life insurance might be the answer to all of your problems.
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With these policies, you can get permanent life insurance coverage in a very simply way. You don’t have to worry about failing to quality for the coverage altogether. This type of coverage is ideal for applicants between the ages of 45 and 85. The following are some key points from this article;
- A guaranteed issue whole life insurance policy is basically coverage guaranteed and it is a form of permanent life insurance. Permanent life insurance means that you are protected throughout your life. This is why most guaranteed issue policies are offered for individuals age 45 and older.
- Those who want life insurance protection to help your family pay for final expenses or other debts is one common reason that people seek out a permanent guaranteed issue life insurance policy. Other people might not want to take a medical exam or answer questions about their health and medical history.
- As you already learned, a guaranteed life insurance policy is a no medical issue life insurance policy and you are guaranteed coverage and a guaranteed issue term life insurance policy is the same thing except the difference is that a term life policy will only allow you to stay covered for a short and specified period of time rather than being covered for your entire life. “Term” refers to the period of time that you will choose to remain covered for such as 10, 15, 20, or 30-years depending on your life insurance company.
- If you have ever been through a life insurance application or if you have friends who have done it, you know that part of the process is a paramedical exam. This involves an examiner coming to your house or another location to take a blood and urine sample and ask some basic questions about your health history. There are a number of reasons that you might not want to go through with this.
- A guaranteed issue life policy doesn’t leave any questions about how much premium you’ll be paying: you’ll know this upfront. If you’re between the ages of 45 and 85, buying a comprehensive term life or permanent life insurance policy might require a minimum face amount of $100,000, too.
- Anybody can buy a guaranteed issue life insurance policy if you are over the age of 50. But does everyone over 50 need to buy a guaranteed issue policy? The answer is no, not everyone needs to buy a guaranteed life insurance policy. It is a great, actually it’s more than a great policy it’s amazing for those who truly need it. If you find yourself as healthy as can be then you should consider another no medical exam policy that can give you a higher death benefit.
- Guaranteed issue life insurance is the way to go if you have any serious medical conditions! The face amount isn’t that much but if you truly need more for the face amount then you will be delighted to know that you can stack up these policies. For example, if you need $100,000 in coverage then you can stack up 4 guaranteed issue life insurance policies to get to your $100,000 in face amount.
- Guaranteed life insurance products like those by Vantis and Mutual of Omaha are all about simplicity, so you don’t have to be concerned about carriers making major changes to any bells and whistles in the product. There aren’t any bells and whistles! What you get with a guaranteed life insurance policy is simple guarantees.
What is guaranteed issue whole life insurance?
A guaranteed issue whole life insurance policy is basically coverage guaranteed and it is a form of permanent life insurance. Permanent life insurance means that you are protected throughout your life. This is why most guaranteed issue policies are offered for individuals age 45 and older. If you have had trouble qualifying for other permanent policies as a result of a health issue, you might be able to get coverage through a permanent whole life insurance guaranteed issue policy. There are several situations that might apply to you when considering a guaranteed issue policy.
Those who want life insurance protection to help your family pay for final expenses or other debts is one common reason that people seek out a permanent guaranteed issue life insurance policy. Other people might not want to take a medical exam or answer questions about their health and medical history. Finally, you might be looking for a life insurance policy with guaranteed premiums. The premium calculation for guaranteed issue policies is relatively simple and you can probably figure out how much it’s going to cost just by looking at a brochure from the carrier.
What is guaranteed issue term life insurance?
As you already learned, a guaranteed life insurance policy is a no medical issue life insurance policy and you are guaranteed coverage and a guaranteed issue term life insurance policy is the same thing except the difference is that a term life policy will only allow you to stay covered for a short and specified period of time rather than being covered for your entire life. “Term” refers to the period of time that you will choose to remain covered for such as 10, 15, 20, or 30-years depending on your life insurance company. Term life insurance is the most simple and the most affordable type of life insurance in the market. A guaranteed issue is one of the most expensive policies if not the most expensive life insurance policy but the term guaranteed is affordable for many people.
Guaranteed Issue Life Insurance Benefits
There are a couple of pros of buying a guaranteed issue life insurance policy because let’s face it, this type of life insurance is a life saver! For those who don’t have the best of health or have a disease that you couldn’t help but have this means you can get life insurance coverage and provide financial stability for your family in case you pass away. Here are a couple of pros to help you think about guaranteed issue life insurance a little bit more!
Skip The Exam – And The Medical Records
If you have ever been through a life insurance application or if you have friends who have done it, you know that part of the process is a paramedical exam. This involves an examiner coming to your house or another location to take a blood and urine sample and ask some basic questions about your health history. There are a number of reasons that you might not want to go through with this. First of all, it can be uncomfortable to do this with a stranger and no one wants to answer too many questions about personal medical issues.
In a traditional application, you might send your information off to the carrier, complete your medical exam, and then have your application go through the channels of the life insurance company. There’s no real sense of urgency at most of these life insurance carriers, so if you’re in a hurry to lock in coverage, you could end up waiting for weeks before an underwriter makes a final decision about your case. One of the delays that can impact these kinds of cases is when medical records are requested. The carrier might want additional information which leads to the collection of medical records. Just like the carrier, sometimes your doctor’s office might not feel the sense of urgency in dredging your medical records up. Waiting several weeks for this to conclude is not uncommon, and this really isn’t convenient for you and your needs. Getting your life insurance as quickly and as painlessly as possible is a great goal to have, and that’s what we are here to help you with.
Stability and Lower Death Benefits
A guaranteed issue life policy doesn’t leave any questions about how much premium you’ll be paying: you’ll know this upfront. If you’re between the ages of 45 and 85, buying a comprehensive term life or permanent life insurance policy might require a minimum face amount of $100,000, too. What if you don’t need this much coverage? Perhaps your children are out of the next and you’ve paid off the mortgage or other debts. You might be primarily concerned about paying the funeral and burial costs, so what’s the point of purchasing a policy that’s more expensive than what you need? Why not just go with a smaller guaranteed life policy that gives you the protection you need at a price you can afford?
Who should buy a guaranteed issue life insurance policy?
Anybody can buy a guaranteed issue life insurance policy if you are over the age of 50. But does everyone over 50 need to buy a guaranteed issue policy? The answer is no, not everyone needs to buy a guaranteed life insurance policy. It is a great, actually it’s more than a great policy it’s amazing for those who truly need it. If you find yourself as healthy as can be then you should consider another no medical exam policy that can give you a higher death benefit. A guaranteed issue policy is perfect for those who suffer from heart disease, diabetes, any type of cancer, or simply bad health because if you try to apply to a traditional life insurance policy you will find yourself getting denied with any of these conditions. Guaranteed issue life insurance is the way to go if you have any serious medical conditions! The face amount isn’t that much but if you truly need more for the face amount then you will be delighted to know that you can stack up these policies. For example, if you need $100,000 in coverage then you can stack up 4 guaranteed issue life insurance policies to get to your $100,000 in face amount.
Work with us!
Other life insurance carriers can and tend to raise prices on their premiums down the line if they can convince state regulators to allow them to. Guaranteed life insurance products like those by Vantis and Mutual of Omaha are all about simplicity, so you don’t have to be concerned about carriers making major changes to any bells and whistles in the product. There aren’t any bells and whistles! What you get with a guaranteed life insurance policy is simple guarantees. For the most part, those who can’t qualify for these types of polices are those who are in a nursing home or serious medical conditions. When you answer a handful of questions correctly, you can get coverage right away. In a handful of days or weeks, your life insurance policy will be delivered to you. Why wait around for the life insurance carrier to approve you or try to find some reason to deny you? Don’t waste any more time stressing about life insurance, time is money and the more time you waste stressing, the less time you will be able to spend and appreciate with your family. InsureChance also offers a lifetime guarantee of support if you need to make any changes to your policy or have any questions you can always contact us! We are an independent life insurance agency that works with all of the life insurance companies out there to get you the best product, at the best rate, at no extra cost to you!
If you have any questions please call us at 888-492-1967 or get a quote online.
