It is oftentimes a last resort for individuals who can't qualify
for other types of life insurance policies because of their health issues and / or don't have the option to purchase life insurance through their employer.
If you have a serious pre-existing medical condition that would prevent you from
qualifying for any other type of life insurance policy that will either require a medical exam or have medical questions that will disqualify you from being eligible, then a guaranteed issue life insurance policy may be best for you.
For those who may not be able to qualify
for other types of life insurance due to health reasons, there is another potential option that could provide you with the life insurance coverage that you need.
2) If you can't qualify
for other types of life insurance, we'll compare all the top guaranteed acceptance life insurance companies based on your age, coverage amount desired or budget and present you the best option.
With a simplified underwriting process, the Graded Benefit Whole Life policy could offer individuals who may not qualify
for other types of life insurance an opportunity to obtain permanent whole life coverage.
One of the main reasons that some people do not qualify
for other types of life insurance is that they do not pass the necessary medical exams.
But remember, guaranteed issue life insurance policies which contain a graded death benefit are insurance policies that are usually reserved for those who simply can't qualify
for any other type of life insurance policy.
But despite these drawbacks, guaranteed issue life insurance policies can still be a great option for those who simply can't qualify
for any other type of life insurance!
A guaranteed issue life insurance policy is a life insurance policy that will not require an applicant to take a medical exam or answer any health related questions in order for him or her to qualify.These policies are typically reserved for those who can not qualify
for any other type of life insurance.
Now this does not mean that your guaranteed issue life insurance policy will cost a fortune, it just means that you will need to pay more for the amount of coverage you actually receive than someone who can qualify
for other types of life insurance policies would have to pay.
Today, seniors, those with adverse health conditions, and smokers who may not otherwise qualify
for other types of life insurance, can obtain the financial protection that they need and are no longer considered «uninsured.»
Keep in mind that changing the beneficiary of a final expense policy is more complicated than
for other types of life insurance, because the policy pays out to the company which will handle your final needs.