Your situation, don't fret, there are «alternative» life insurance products out there that won't require one to take a medical exam or answer any health - related questions which means that there is still a really good chance that you will be able to qualify for these types of life insurance policies (
see guaranteed issue life insurance policies).
You see guaranteed issue life insurance policies advertised all the time on TV.
It is not uncommon to
see guaranteed issue life insurance policies referred to as something else.
Not exact matches
The perfect instance of getting
guaranteed issue life insurance can be
seen in its alternate name — «burial insurance.»
Below you will
see a side by side comparison of Colonial Penn insurance rates for their
Guaranteed Issue life coverage right next to Gerber Life and
life coverage right next to Gerber
Life and
Life and AIG.
Below you can
see their rates and those for two other companies that offer
guaranteed issue life insurance.
With these kind of payouts, you can
see that in most cases, the
guaranteed issue insurance option is overpriced and not really an attractive
life insurance option unless it is your last resort.
The perfect instance of getting
guaranteed issue life insurance can be
seen in its alternate name — «burial insurance.»
(For related reading,
see: Who Should Buy a
Guaranteed Issue Life Insurance Policy?)
As you can
see there are a few drawbacks to a
guaranteed issue life insurance policy.
Depending on the amount of coverage you need,
life insurance for seniors over 70 becomes more difficult and we
see more of a shift to
guaranteed issue and other final expense products to help cover some of the end of
life expenses and left over medical bills.
Whether or not it's legal for a
guaranteed issue life insurance policy to charge total premiums in excess of the death benefit would ultimately depend on which state you
live in
seeing as how insurance is regulated at the state level.
When we encounter a client with a condition that would normally not be approved for a fully underwritten term
life insurance policy, we'll typically look and
see what our «
guaranteed issue»
life insurance options are.
You
see,
guaranteed issue life insurance policies do have some drawbacks.
Yes — the same company you
see advertising for
life insurance for your kids, also offers
Guaranteed Issue life insurance for those who are 50 years and older.
Perhaps you've
seen ads for
guaranteed issue life insurance.
This includes the «
guaranteed issue»
life insurance (which have 2 year waiting periods) you
see advertised.
You
see,
guaranteed issue life insurance policies are going to have some pretty significant disadvantages to them.
You
see,
guaranteed issue life insurance policies are going to have their «problems».
Now it is possible to purchase several different
guaranteed issue life insurance policies so that your total amount of insurance coverage can be greater than $ 25,000 in coverage, but as you'll
see this can become pretty expensive, pretty quickly.
You
see, for most,
guaranteed issue life insurance policies are a «last resort» type of
life insurance policies.
With most
guaranteed issue life insurance policies, you are likely to
see a graded benefit as a result.
You
see, when it comes to
guaranteed issue life insurance policies, there are three main disadvantages you need to be aware of before considering purchasing one for you and your family.
So far, you have already
seen the amount of products on show from Baltimore
Life Insurance Company but we note that they do not offer
guaranteed as well as simplified
issue, since there are some health questions.
You
see Graded Death Benefit clauses are typically attached to what are called
Guaranteed Issue Life Insurance Policies.
To learn more about
Guaranteed Issue Life Insurance, please
see our article, «What Is
Guaranteed Issue Life Insurance?»
Please
see: NEA
Guaranteed Issue Life Plan Rate Chart - $ 10K -LRB-.
To
see the details on this company please read our AIG
Guaranteed Issue Life Insurance Review below.
See the differences between simplified
issue and
guaranteed issue life insurance.
As well as «
guaranteed issue life insurance», there will also be an option for «simplified
issue life insurance» and the main difference is
seen in the application process.
If you spend any time watching daytime television, you may have
seen commercials about
guaranteed issue life insurance.