​If you are considering purchasing guaranteed issue life insurance plans, you have landed in a good place. This review will briefly address the product’s ratings and offerings, underwriting niches, pricing, and alternatives.

Life insurance policies are among the top purchases you could make for protecting those you love. Life insurance happens to be a safety net, which they can benefit from, in case anything tragic happens to you the next day. In case of your unfortunate demise, your family would be responsible for your final expenses, making a terrible situation even worse.

Usually Life insurance applications consider dozens of factors before you can be approved for  obtain the best available plans. While this can be tedious, there are better reasons than avoiding tedium to use an independent agent for the process. Independent agencies like NODLB.com will use experience and market knowledge to find the best deal available for your particular circumstance.

While ultimately many applicants can qualify for traditional life insurance coverage, others do not. In these cases, a guaranteed issue life insurance plan is the best next course of action.

Being affected by adverse health issues doesn’t mean you no longer need life insurance. It actually strengthens the case to getcoverage  sooner rather than later. While many with a history of life insurance application denials may lose all hope, they should keep in mind that a guaranteed acceptance life insurance plan is still available to them. 

This kind of policy requires no medical examinations or medical questionnaires during the approval process. Those looking for a life insurance plan designed for applicants suffering from serious health issues, particularly seniors, have a plan they can qualify for on a guaranteed basis. Being that coverage is guaranteed, there is no requirement for a medical exam. 

Guaranteed Issue Life Insurance Coverage Details

Like all life insurance, guaranteed issue policies are intended to pay the beneficiary when the insured has passed away. In this respect it is quite similar to  other insurance policies. However, a guaranteed insurance plan will be approved for coverage, notwithstanding any pre-existing health conditions.

Due to this, the applicant isn’t required to undergo medical examinations during the process of underwriting the application.

Since there is no need to examine medical records, these policies take less time to get approved, usually the same day as the application is submitted.

If you are on looking for a burial insurance plan, we can aid you in this process.

Do You Require A Burial Life Insurance Policy?

Before going over the pros and cons of guaranteed issue life insurance plans, let us clarify why you may require a life insurance policy. Many who are denied a life insurance plan stop searching and continue without any insurance plan. However, this is a critical mistake as it sabotages you and your family’s financial stability.

A traditional term life insurance plan is like a secure safety net, which, hopefully, one will never have to need. It protects you and your family in case a tragedy happens to you. Countless stories are available these days, where families lost a family member and were left financially broken. 

Final expense policies, unlike term insurance, is meant to be used. Let's face it, we're all going to die one day.

Having a final expense policy ensures that your family will not be burdened with your funeral costs and estate debts in a time of mourning.

Imagine losing a close family member, only to face the responsibility of paying off their debts as well, without any viable income source to do so.

Life insurance provides coverage when tragedy strikes. It gives you peace of mind, allowing you to rest assured in the knowledge that even if you were to pass away unexpectedly, your family’s finances wouldn’t be threatened.

This fundamental rationale for life insurance is true whether referring to traditional policies or guaranteed issue burial policies. The coverage amounts may be far different but the reason for it remains  the same.

Guaranteed Issue Life Insurance Policy Advantages

Many people can derive benefits from obtaining guaranteed issue policies. This includes those people:

• Who Work In Super Dangerous Occupations that may disqualify you from traditional insurance policies. However, these people can still avail life insurance coverage by going via this route.
• Who Are Old - Many life insurance companies begin turning down applicants after they’ve reached certain age limits. However, guaranteed issue policies accept applicants upto age 85.
• Who Have Serious Health Problems: While those with cancer, AIDS and other such deadly diseases cannot qualify for traditional plans, they can obtain requisite life insurance coverage by going via this route.

There are various other benefits that come along with guaranteed issue life insurance coverage. For instance, if you are unwilling to answer the health questions on a traditional application.

You would still have to answer a few questions, including the following questions:

• Do you suffer from a terminal disease?
• Do you live in a care facility or a hospital at the moment?
• Do you suffer from HIV/AIDS?

Answering  ‘Yes’ to  one of these questions may stop you from qualifying with certain carriers.

Other Factors To Watch Out For

While there may be several pros to being approved for guaranteed life insurance policies, there are  other factors to watch out for as well. The first and foremost is the cost of this insurance product.

Since there is no medical underwriting in these insurance policies, the insurance company is taking a bigger risk with these applicants. Hence, insured parties will have to pay higher premiums for compensating this risk.

Since the risk is quite significant, the insurance company will provide only small face amounts on these policies, mostly in the range of $10000-$40000.

Be sure that you can own this policy for a minimum of twenty-four months at least. This is known as the modified or graded benefits period. Most insurance companies offer a graded period of 24 months. If the insured passes in this period, due to reasons apart from accidental death, the company will pay out only the premiums that have been paid so far, along with interest. Interest rates may range between 3%-20%. 

Age of issue refers to the minimum age a person ought to be before being qualified enough to obtain this policy. The entry starts from 40, with most carriers not allowing applicants until age 50. The highest age of issue is currently 80. With increasing age comes increasingly costly premiums.

When you consider all these factors, it does seem that medically underwritten policies make more sense. Therefore, if you feel you could qualify for the plan, don’t hesitate to apply. Choose guaranteed issue life plans only as a measure of last resort.

​Who Is An Ideal Candidate For A Guaranteed Issue Life Insurance Policy?

There are several types of people who fall into the list of candidates for this policy. In most scenarios, only those over 50 are suitable for these plans. However, based on the facts of each individual case, a limited number of carriers may provide insurance coverage to younger candidates as well.

If your work is in a dangerous occupation, like being a race car driver or a bomb detecting dog handler, you could qualify for this insurance policy since they will not be eligible for most traditional policies. 

​Move Closer Towards Life Insurance Coverage

Guaranteed issue coverage is often a bridge to traditional simplified issue policies for folks who have had a recent heart attack or stroke and need to have a period of time elapsed prior to obtaining day one coverage.

If you are ready to look more deeply at guaranteed issue life insurance or its alternatives, we are here to aid you. We work alongside many top-rated firms in the life insurance marketplace and can aid you in comparing insurance plan benefits and premiums.  

We are also aware that you could have many questions while applying for a life insurance policy. If so, do contact us with your doubts. Our experts will clear any concern or question you have on your mind and help you receive the best possible insurance coverage catering to your needs.

Top-Rated Guaranteed Issue Life Insurance Companies

Company: Gerber

While most think Gerber to be just another baby food firm, they do offer guaranteed issue life insurance plans. While they do not have have many life insurance options, those between age 50-80 can be covered on a guaranteed basis. Life insurance is available regardless of health conditions. The plan doesn’t expire either, with cash value continuing to be built up inside the plan.

Gerber’s plans provide between $5000-$25000 in insurance coverage, which is more than some other companies. 

Company: AIG

AIG also offers Guaranteed Issue Whole Life Insurance plans which provide your family with the protection they’ll need in the event of your passing. However, AIG accepts those aged up to 85, with up to $30,000 in coverage benefits.

A unique benefit from AIG’s guaranteed issue policies is that you can receive living benefits without any extra costs. Terminal illness and chronic illness riders can be added to your policy for free. This is unusual in the GI marketplace.

Your Next Step

Thank you for choosing NODLB.com to research guaranteed issue life insurance plan details. Should you have any questions, please do not hesitate to call or send over an email.