What Is Guaranteed Life Insurance?

Happy Couple with Guaranteed Life

What is Guaranteed Issue Life Insurance?

Guaranteed Issue Life Insurance is a type of Whole Life Insurance policy that does not require you to answer any health questions, take a medical exam or allow an insurance company to review inspect your medical and prescription records.  Affordable Guaranteed Life Insurance in Prescott is for people with extensive health problems. Today, health issues are on the rise and many people cannot qualify for traditional life insurance.  For instance, if you have congestive heart failure, are wheelchair-bound or have prescribed oxygen, you probably can’t qualify for traditional policies.

Guaranteed Issue policies do not ask one single health question. Typically, the only criteria are that you must be between 55 to 80 years old. As long as you’re within that age range, they will approve you for a policy – Guaranteed!

It is very important to understand that they do not give you a full coverage policy right away. There is a waiting period of two years. Let’s say, for example, that in 18 months after you take out a Guaranteed Whole Life Policy, you pass away. All of the premium payments you paid into the policy up to that point are given to your beneficiary plus an additional 10%. So, in the first two years,  you do not receive full coverage.  However, as soon as you hit that two-year mark, your policy converts into a full-fledged, normal Whole Life Insurance Policy. For example, if you have a $25,000 Guaranteed Life Insurance policy, after your two-year waiting period, you now have a $25,000 Whole Life Policy.

After that juncture, death for any reason qualifies your beneficiary to a $25,000 benefit.

If you are looking for honest, helpful information on affordable Life Insurance please don’t hesitate to call us. Use the links below or call directly at (928) 323-0933.