Not exact matches
Generally contain what is called a «
graded death
benefit» clause stating that the
policy must be in force for a period of time before it will
actually payout in the event that the death is due to a «natural» cause.
In most cases, should the insured die from natural causes during the
graded death
benefit, most if not all of the paid premiums will be returned to the insured beneficiaries so it will be as though the insured didn't
actually lose money by purchasing the
policy and dying too soon!
It's not all bad news because with most guaranteed accepted life insurance
policies, the best final expense and burial insurance companies will generally have a
policy whereby: Should the insured die from natural causes during the
graded death
benefit, most if not all of the paid premiums will be returned to the insured beneficiaries so it will be as though the insured didn't
actually lose money by purchasing the
policy and dying too soon!
If you are thinking about purchasing a guaranteed issue life insurance
policy, in addition to other things including price, you should definitely compare the different «
graded death
benefit» clauses that are out there so that you're fully aware of what you're
actually purchasing.