What Is Guaranteed Issue Life Insurance?
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasThat is an excellent question! When you are offered a guaranteed issue policy, what the insurance company is offering you is a policy that you will certainly qualify for. There are typically few if any questions about your health, other than your age and gender. These policies are great options for people who have or have had serious health issues, that otherwise would not qualify for a policy. They aren't cheap though, and will generally have a two or three year period to work through where the death benefit is reduced to premiums paid plus interest. This is one of those cases where an independent agent like myself is worth their weight in gold, because finding the least expensive and best options for your graded period can make a big difference. I hope that helps, thanks for asking!Answered on September 13, 2014flag this answer.JPG)
63333 POINTSview profilePeggy MaceMost of the U.S.Guaranteed Issue Life Insurance is whole life insurance for which you cannot be declined for health reasons. The maximum face amount is usually $25,000 or less, and there is a graded period (1-3 years) where a reduced benefit is paid for death due to natural causes. They usually pays 100% from day one for accidental death. Most guaranteed issue policies have a minimum age requirement of 40 to 50 years old.Answered on September 17, 2014flag this answer
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaUsually sold by mail these policies offer life insurance without a medical exam. Sometimes they include three or four health related questions. These policies offer ease of application and protection. The amounts offered are generally quite restricted but could make a significant difference in the plans of some people. The thing to remember is that this ease and protection comes at a price. The protection offered by companies providing standard insurance is generally a great deal less expensive.Answered on March 3, 2015flag this answer
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