Guaranteed Life Insurance is exactly what it sounds like. It is a whole life insurance policy that is guaranteed to be approved, as long as the insured’s age is 55-80. The only 2 health questions, asked, are age and sex and then insurance is issued/approved as soon as the policy is processed.
This policy is a more desirable option, then getting what are called return of premium, or modified plans. These are significantly reduced health ratings, with life insurance companies that do NOT offer guaranteed life insurance. They function identically to guaranteed life insurance, but are more expensive. Hence, if this is the direction you need to go, guaranteed life insurance is by far the best option.
A Few Finer Points:
The downside of guaranteed life insurance, is the reduction of payout to your beneficiaries, IF death occurs within the first 2 years. After the first 2 years, it is permanently a normal whole life insurance with 100% payout.
Here is how it works:
If you pass away within two years of starting the policy, the life insurance provider will pay your beneficiaries everything you have paid them + 10%. That’s as complicated as it gets. If you die, 18 months after starting the policy, they pay 18 month of premiums + 10% to your beneficiaries.
Guaranteed Life Insurance is a wonderful policy for anyone age 50-80, as it is whole life insurance. The death benefit and cost are locked. And, again- once you enter year 3, the death benefit pays 100%.
The price of guaranteed life insurance is higher than the non-guaranteed counterpart, but it’s 100% life insurance and pays for all the same deaths as non-guaranteed whole life insurance. For pricing on this program, fill out the free quote form, at the bottom of this page- and it will only pull guaranteed life insurance pricing for you. Call us any time to answer your questions or help start your policy, today.