Guaranteed Life Insurance

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What Is Guaranteed Life Insurance?

A guaranteed life insurance policy is guaranteed coverage, just like it reads.Being a policy for anyone who applies for it, guaranteed life insurance is for everyone. With few questions asked, it’s a policy that provides cash benefits to a beneficiary. It is a simple and affordable guaranteed life insurance policy designed to cover expenses like medical bills, credit card debt or funeral costs, and can help protect your loved ones from future financial burdens. The insurance company will offer this policy to any applicant regardless of his or her past or present health concerns. Again it’s as easy as that – Guaranteed.

Need help navigating through the all the confusing budget-friendly premiums, offers, quotes, and graded death benefits? We are more than happy to help you sort through it all, help you learn about each different direction, and find a policy that’s right for you.

Who Is Guaranteed Insurance For?

While guaranteed issue life insurance is for everyone, it is typically for people over the age of 50, senior citizens who might only have 10 years or less to live, or someone with unfortunate current or previous medical and health issues. If you can’t qualify for other types of policies because of your health issues and/or don’t have the option to purchase life insurance through their employer, than even though it’s a last resort, this could be the right policy for you.

Why Get Instant or "Guaranteed" Insurance?

There are plenty of people who need life insurance immediately! Instant issue life insurance is a great fit for them.

The average life insurance policy requires that an applicant submit lengthy paperwork and take a medical exam, usually involving giving blood and urine. Sounds like a party, right? This process can take over 6 weeks depending on the carrier’s speed and the prospect’s health!

We find that many of our clients are inspired to purchase a policy after a death of an acquaintance or a tough conversation with a loved one. At the heat of their interest, they tend to ask for a policy that will cover them as soon as possible without the hassle of the traditional process. If you want to purchase a policy ASAP without inconveniencing yourself whatsoever, Instant Issue Life Insurance is for you. Just be sure that you’re healthy.

These policies are also really useful for things like buy-sell agreements in business or even divorces! Both situations necessitate the need for a policy by an outside party. That’s why instant issue is a great fit for these situations.

Instant issue life insurance is available to people between the ages of 18 and 60 years old. People seeking it can get up to $500,000 in death benefit depending things like their income and health.

Although a fully underwritten or even traditional non-medical policy can be much more affordable than Instant Issue Life Insurance, this is not always the case! The best way to find an affordable product is to shop through a brokerage that can help you pick the perfect product for your coverage.

Instant Issue Life Insurance plan is commonly purchased for by the term for 10 years, 15 years, and 20 years. If you feel extremely confident about your health and need life insurance ASAP, look into these policies. It’s a great option for seniors.

The Positives and Negatives of Guaranteed Issue Life Insurance

What are the positives about guaranteed insurance policies? Usually, they do not involve medical questions or exams. No medical exam is ever required and there are no health questions to answer. If you need a quick life insurance policy and do not want to deal with the hassle of having to divulge your private medical history, a guaranteed issue life policy might be right for you. They really are much easier to get coverage with than other types of policies. And they are quick! These types of policies normally only take a few days to approve, instead of a lengthy wait time of weeks.

But what about the negatives? Because you aren’t giving information about your health, you are limited as to how much coverage you can purchase, plus it’s typically more expensive than other policies. Also, you could end up paying more for your premiums over time than your beneficiary will see in the resulting death benefits, because of the typically higher premium cost and the smaller amount of coverage. So something to keep in mind is that a guaranteed insurance policy is the return on your investment. What if you die shortly after you buy a guaranteed issue life insurance policy? Unfortunately, your beneficiary will receive only the premiums paid and possibly some interest. This does all depend on the company that issued the policy though.

Although, reasonable premiums are guaranteed for as long as you hold the policy. Once the amount of coverage is selected, it’s permanent and stays the same. This can be great if the cost of living keeps rising like it has. You can feel comfortable knowing that you will pay the exact same premium rate many years down the road.

There are also other points to consider as well. For instance, you can receive graded death benefits for the first two years of coverage. If the death occurs within the first two years of your policy for any reason other than an accident, all premiums plus 10 percent interest shall be paid to your beneficiary. But if death is due to accidental causes? Then the death benefit will be paid out in full. After the two-year graded death benefit period, if you die for any reason, the full face amount of the policy shall be paid to your beneficiary.

When Does It Make Sense to Buy?

If you need to get protection quickly, or have a health condition that prevents you from buying another type of life insurance policy, then a guaranteed policy might be right for you. The application process is simple. Contact us today! We would be happy to walk you through each quote, compare rates and products from different companies, answer any questions you might have, see if it’s the best solution for you, and make your plan official. Again, your acceptance is a guaranty regardless of your health.