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
(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.
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.
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.
You
see Graded Death Benefit clauses are typically attached to what are called
Guaranteed Issue Life Insurance Policies.