Hi, it’s Chad McMahan with Protect with Insurance. I’m here in beautiful Prescott, Arizona at the County Courthouse and I’m gonna talk about something called Guaranteed Life Insurance.
Affordable Guaranteed Life Insurance in Prescott is for people with extensive health problems.
Health issues are on the rise I commonly I would say 1/4 or maybe 1/3 of my appointments nowadays are with people that cannot qualify for traditional life insurance.
Maybe they have congestive heart failure or maybe they use a wheelchair or have prescribed oxygen-breathing oxygen. (Not a night time sleeping oxygen) with a compressed air system but you know where they have tubes and they have to breathe oxygen throughout the day. Issues like these make it’s that you can’t qualify for traditional policies.
Guaranteed Life Insurance Plans in Prescott, Arizona
So, there are guaranteed-issue policies out there where they do not ask one single health question so this is very very important stuff and typically not always but typically the cut-off on these is going to be 55 years old to 80 years old as long as you’re within that age range then they will approve you for a policy – guaranteed!
Now it is very very important to understand with all of these guaranteed-issue policies that they work uniquely the first two years of your coverage.
They do not give you a full coverage policy right away. Let’s say for example that in 18 months after you get a Guaranteed Whole Life Policy, you pass away. The way it works is all of the premiums (payments you paid into the policy), all of those payments during that time plus the company typically matches another 10%. go to your beneficiary.
So one hundred and ten percent of every penny that you’ve paid into it and you die before two years all of that 110 percent of what you paid into it goes to your beneficiary.
That’s what happens if you die within the first two years. They do this to protect themselves financially the company does to protect themselves so that you do not get someone with terminal conditions.
Let’s say they’ve been given a three or six-month prognosis from the doctor. The insurance companies would go bankrupt if they started these policies in full right away so this is their solution.
So the first two years it’s not full coverage but as soon as you hit that two-year mark, certainly with most of the companies that I like to write with, they open up into a full-fledged normal whole life insurance policy.
So, if it’s a twenty-five thousand dollar policy then once you hit two years it’s a 25 thousand dollar whole life policy.
Any reason for death at that point they send a check for $25,000 to your beneficiary. So that is the basics of how a Guaranteed Whole Life Policy works I hope this has been helpful.
Stay safe out there!
If you are located in the Cottonwood, Sedona, Flagstaff or the Prescott area in northern Arizona and you are looking for honest, helpful information on affordable Life Insurance please don’t hesitate to call me. Use the links below or call me directly at (928) 323-0933.