Can you really buy a permanent life policy guaranteed to issue with no questions asked? Yes! Guaranteed Issue Life is a whole life policy created for people that would be declined by other life companies. It is permanent insurance…with no expiration date…and a bank of cash value.
The Basics of Guaranteed Issue Life
It is available for ages 50-85 with a range of $5000 – $50,000 in life coverage.
No health exam needed. No needles, no blood pressure, no doctors knocking on your door ready to collect bodily fluids. Quick insurance coverage with no questions asked
No premium increase. Whatever premium you receive on day one will be the monthly premium you will continue to pay as long as you own the policy. It won’t increase over time. Some “as seen on TV” policies will increase your premium in 5 to 10 year increments.
Cash Value. It’s no just insurance. It is an investment. Your policy will have a cash account that increase in value over time. It becomes a bank of money you can use. You can borrow against or once it is big enough, use it to pay your premiums.
The Fine Print of Guaranteed Issue LifeMany Guaranteed Issue policies come with built in features. Some affect the way coverage is paid. Other features are policy add-ons. The add-ons are called riders, and many policies will include for free.
2 year graded death benefit. The first 2 years on most policies is a probationary period. During that time, the full coverage amount won’t be paid. However, if the insured dies during this period, there is coverage. Usually it is 110% of the premiums the customer has paid, and often a percentage of the coverage amount. After the 2 years, your beneficiaries receive the full amount plus any cash value.
Chronic illness rider: While still living, the customer receives a return of all premiums paid up to 50% of face value if diagnosed with severe illness.
Terminal illness rider: 50% of death benefit is paid to the insured if they are diagnosed with terminal condition.
Each company has slightly different guidelines and benefits. This is why we represent multiple companies. We can design a product around you.
Are You A Candidate for a Guaranteed Issue Policy?
Are you retirement age? Are your savings thin or waning, and you worry about burdening your family with family expense costs?Do you have pre-existing medical conditions?Do you need coverage fast? If you answered yes to any of these questions, you are good candidate for a Guaranteed Issue policy.Contact us and we can put together a proposal to meet your specific and unique needs.